free enterprise

/'fri:'entəpraiz/

Thân thiện

Definition

1. Noun:
   • An economic system: "Free enterprise" refers specifically to an economic system or model. This system relies primarily on market forces—rather than central government planning or control—to allocate goods and resources and to determine prices. It is characterized by private ownership of businesses and industries, competition, and minimal government intervention.

Usage Examples

• Noun:
  • The country's prosperity was built on a foundation of free enterprise. (The nation's economic success resulted from its system of private business and market competition.)
  • Advocates argue that free enterprise encourages innovation and efficiency. (Supporters claim that an economic system driven by market forces promotes new ideas and optimal use of resources.)

Advanced Usage

• "The principles of free enterprise": the fundamental ideas supporting a market-based economy.

  • The course examines the principles of free enterprise and their application. (The class studies the core concepts of a market economy and how they are put into practice.)

• "To champion free enterprise": to actively support or defend the system of private business and competition.

  • The politician built his campaign on championing free enterprise. (The politician's election efforts were based on strongly supporting a market-driven economy.)

Variants and Related Words

• Market economy (n): an economic system in which production and prices are determined by unrestricted competition between privately owned businesses. This is a close synonym.

  • A market economy is often synonymous with free enterprise. (An economy based on market forces is frequently the same as a free enterprise system.)

• Capitalism (n): an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state. This is a broader, related concept.

  • Free enterprise is a central component of capitalism. (A market-based allocation system is a key part of the capitalist model.)

• Laissez-faire (n/adj): a policy or attitude of letting things take their own course, without interfering, especially in economic affairs.

  • The government adopted a laissez-faire approach, consistent with free enterprise ideals. (The administration chose a non-interventionist policy, aligning with the principles of a market economy.)

Synonyms

• Market system: an economic system based on supply and demand with little or no government control.
• Private enterprise: economic activity controlled by private businesses rather than the state.

Related Phrases

• Free market: an economic system in which prices are determined by unrestricted competition between privately owned businesses. This phrase is often used interchangeably with "free enterprise" in many contexts.
  • They believe a free market is the best path to growth. (They think an economy with minimal government intervention is the optimal way to achieve economic expansion.)

Học thuật

Noun

1. an economy that relies chiefly on market forces to allocate goods and resources and to determine prices

Từ đồng nghĩa

• market economy
• private enterprise
• laissez-faire economy