free enterprise
nounUK /ˌfriː ˈentəpraɪz/
US /ˌfriː ˈentərpraɪz/
A system where people can start and run their own businesses with little help or control from the government.
In a free enterprise system, anyone can open a lemonade stand and keep the money they earn.
RELATED WORDS
OTHER MEANINGS
2. An economic system where prices and production are set by buyers and sellers rather than by the government.
The country moved toward free enterprise and let shops set their own prices.
3. The freedom of private companies to compete for customers without many rules.
Small stores thrive when free enterprise lets them compete fairly with big chains.
4. A way of doing business where individuals take risks to make a profit.
Her bakery is a good example of free enterprise because she started it on her own.