Definition, Meaning & Synonyms

private-enterprise

Noun

/ˈpraɪvɪt ˈɛn(t)əˌpraɪz/

Definition

An economic system in which private individuals or businesses own and operate the means of production and distribution of goods and services rather than the state.

Examples

The success of a private enterprise often depends on its ability to adapt to market changes.
Many economies thrive on the innovation and competition brought by private enterprises.
During the meeting, the CEO discussed the growth strategies for their private enterprise.

Meaning

Private enterprise refers to businesses that are owned by private individuals or groups, where the market dictates operations without significant government intervention.