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Private 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 government's decision to liberalize the economy and promote private enterprise led to a surge in entrepreneurship and economic growth.
  • In a capitalist economy, private enterprise is the driving force behind innovation and technological advancement.
  • Private enterprise has been instrumental in spurring economic development and reducing poverty in many developing countries.
  • Critics argue that an over-reliance on private enterprise can lead to income inequality and exploitation of workers.
  • The principle of private enterprise allows individuals to start their own businesses and compete in the market, fostering creativity and innovation.

Synonyms

  • Market Economy
  • Free Enterprise
  • Laissez-faire Economy

Hypernyms

  • Economic System
  • Economy

Hyponyms

  • Capitalism
  • Capitalist Economy
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