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free enterprise
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Free Enterprise
Economic system where private capital is used in business with profits going to private companies and individuals. The government plays a relatively small role in providing goods and services, but it is responsible for upholding laws which protect rights to own property, and for maintaining a stable currency. In practice most economies, even capitalist ones (see capitalism), are mixed economies – a hybrid of free and command economies.
The two largest free-market economies in the world are (1994) the USA and Japan, where the private sector provides about 70% of total output or GDP (gross domestic product) and the public sector only 30%.
© Research Machines plc 2008. All rights reserved. Helicon Publishing is a division of Research Machines plc.
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European Free Trade Association
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bank
Bank of England
building society
capitalism
command economy
council tax
credit (economics)
debt
economic activity
electronic commerce
enterprise zone
euro
European Free Trade Association
European Union
finance, sources of
financial institution
free enterprise
free trade
gross domestic product
gross national product
hire purchase
inflation (economics)
International Monetary Fund
loan
manufacturing industry
monetarism
mortgage
national debt
National Economic Development Council
nationalism (politics)
overdraft
pension
private enterprise
private finance initiative
private sector
privatization
public sector
public spending
service industry
single European currency
student finance
taxation
unemployment
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