Free-enterprise systems, also known as market economies or capitalist systems, are economic systems in which individuals and businesses are free to compete with each other for profit. These systems allow for private ownership of goods and services and maximize economic output through competition. Synonyms for free-enterprise systems include free-market systems, laissez-faire economies, market-based economies, and enterprise economies. These terms all describe economic systems that prioritize the individual freedom to make economic decisions over government intervention. While there are debates about the best economic system, free-enterprise systems have been a dominant force in the global economy for centuries.