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Laissez-Faire Economy
An economic system in which transactions between private parties are free from government intervention such as regulation, privileges, tariffs, and subsidies.
Purely Capitalist Economy
An economic system characterized by private or corporate ownership of capital goods, investments determined by private decision, and prices, production, and the distribution of goods determined mainly by competition in a free market.
Features of Capitalism
include private property ownership, capital accumulation, wage labor, voluntary exchange, a price system, and competitive markets, driving economic growth and innovation.
Corporate Entities
Organizations or companies recognized by law as a single entity, separate from its owners, with its own rights, responsibilities, and liabilities.
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