Definition:
"Free enterprise" is a system in which businesses can operate with little government control. This means that individuals and companies can create and sell products, set their own prices, and compete in the market. The decisions about what to produce and how much to charge are mainly made by the market and the choices of consumers.
In more advanced discussions, you might talk about the benefits and challenges of free enterprise, such as innovation, competition, and economic growth, as well as issues like inequality and market failures.
While "free enterprise" primarily refers to an economic system, it can also imply the idea of personal freedom and opportunity in business.
While there are no direct idioms or phrasal verbs specifically for "free enterprise," you might encounter phrases related to business and competition, such as: - "Throw your hat in the ring": To enter a competition or contest, often in business. - "Cutthroat competition": Extremely fierce competition among businesses.
"Free enterprise" is an important concept in economics that highlights the role of individual choice and market forces in business. It is a fundamental idea in capitalist societies, promoting innovation and competition while also presenting challenges such as inequality.