Another definition of free enterprise is in terms of economics and was offered by the Nobel-winning economistFriedrich Hayek. Hayek described such systems as spontaneous order. Hayek's point was that free enterprise is not unplanned or unregulated. Instead, he said that planning and regulation arise...
(Economics) Also called:free enterpriseorprivate enterprisean economic system based on the private ownership of the means of production, distribution, and exchange, characterized by the freedom of capitalists to operate or manage their property for profit in competitive conditions. Comparesocialism1 ...
As per the definition, individuals in this system have freedom of choice and private ownership of the goods they buy.What Is a Free Enterprise Economy? What is a free enterprise economy? Free enterprise refers to the free movement of businesses in an economy - anyone can create a business ...
enterprise a producer or distributor of GOODS or SERVICES. The economic form of a business consists of: a horizontal business, a business which specializes in a single activity, for example the production of bread. See HORIZONTAL INTEGRATION; a vertical business, a business which combines two or...
private enterprise in Economics topic From Longman Dictionary of Contemporary Englishˌprivate ˈenterprise noun [uncountable] the economic system in which private businesses are allowed to compete freely with each other, and the government does not control industry→ private sectorExamples from the ...
a. Of or relating to the production, development, and management of material wealth, as of a country, household, or business enterprise. b. Of or relating to an economy: a period of sustained economic growth. 2. Of or relating to the science of economics: new economic theories regarding ...
经济学economicsdefinitionmarginalcurrency定义 经济学定义(Definitionofeconomics) Grossdomesticproduct(GDP)referstothesumofthemarket valueofallthefinalproducts(goodsandservices)produced byacountryoracertainregionwithinacertaintime. Grossnationalproduct(GNP)referstothevalueofthefinal productproducedbythetotalproductionfa...
Cognitive biases also play a significant role in shaping investor decisions under the profit motive.Behavioral economicsidentifies biases such as loss aversion, where individuals feel the pain of losses more than the pleasure of equivalent gains. This means that, even though everyone has a profit mot...
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005 revenue The total rent, sales, or earnings of a company. When negotiating for the purchase of income-producing property, be sure to inquire about the seller's definition of revenue rather than make the assump...
The resources that companies use in the production of goods and services are described as the 'factors of production'. Dive into examples to learn the key terms and types of factors (land, labor & capital), and their importance in modern economics. ...