n. 1. an economic system having predominantly private ownership of the means of production, and relying chiefly on market forces to allocate goods and resources and to determine prices, and having a minimum of governmental interference in economic decisions; also, the political doctrine advocating such a system as the economic system of a country. [ wns=1 ]
Syn. -- market economy, laissez-faire economy. [ WordNet 1.5 +PJC ]

2. The conduct of business according to the principles of the free enterprise doctrine; the conduct of economic activity without governmental interference. [ PJC ]