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An economic system based on private ownership of the means of production. Individuals, companies or corporations invest in, own and share in profits (or losses) of the entities that produce goods, distribute products or provide services.

Cover of Frederick, O'Connor, Kuratko (2019), Entrepreneurship Theory Process Practice (Melbourne: Cengage) Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)

Synonyms:
capitalism
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