free enterprise

free enterprise

n. 1. an economic system having predominantly private ownership of the means of production, and relying chiefly on market forces to allocate goods and resources and to determine prices, and having a minimum of governmental interference in economic decisions; also, the political doctrine advocating such a system as the economic system of a country. [wns=1]
Syn. -- market economy, laissez-faire economy.
[WordNet 1.5 +PJC]

2. The conduct of business according to the principles of the free enterprise doctrine; the conduct of economic activity without governmental interference.
[PJC]

 

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Wed 12th December 2018