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Meaning of free enterprise

free' en'terprise

Pronunciation: [key]
  1. an economic and political doctrine holding that a capitalist economy can regulate itself in a freely competitive market through the relationship of supply and demand with a minimum of governmental intervention and regulation.
  2. the practice of free enterprise in an economy, or the right to practice it. Also called
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.