Free Enterprise (Noun)
Meaning
An economy that relies chiefly on market forces to allocate goods and resources and to determine prices.
Classification
Nouns denoting groupings of people or objects.
Examples
- The United States is often considered a prime example of free enterprise, where businesses and individuals are largely left to operate without government interference.
- The free enterprise system allows for innovation and competition to drive economic growth and advancements in various industries.
- Critics of socialism often point to the free enterprise model as a more effective way to allocate resources and promote economic development.
- A country's adoption of a free enterprise system often leads to increased foreign investment and global trade opportunities.
- The principles of free enterprise emphasize individual initiative and entrepreneurship as key drivers of economic progress.