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.