private enterprise

from The American Heritage® Dictionary of the English Language, 5th Edition.

• noun Business activities unregulated by state ownership or control; privately owned business.
• noun A privately owned business enterprise, especially one operating under a system of free enterprise or laissez-faire capitalism.

from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.

• noun an economy that relies chiefly on market forces to allocate goods and resources and to determine prices