Final answer:
Private enterprise refers to businesses managed by private individuals or companies in market-oriented economies. Public enterprise is businesses owned by the government and is characteristic of command economies.
Step-by-step explanation:
The chapter defines private enterprise as a characteristic of market-oriented economies. The idea of private enterprise includes businesses or industries that are managed by individuals or private companies rather than by the state. In these economies, entrepreneurs are free to make their own decisions about what to produce, how to produce it, and at what price to sell it. They are the risk-takers who drive innovation and competition in the market.
In contrast, public enterprise would refer to businesses or industries that are owned and operated by the government rather than private individuals or companies. Public enterprise is a characteristic of command economies where the government makes all decisions regarding the production and distribution of goods and services, often with the intention of maintaining social welfare or achieving specific economic goals.
Public enterprise, as defined in the chapter, is a characteristic of command economies. It refers to businesses or industries that are owned and operated by the government rather than by private individuals or companies. In command economies, the government has control over the means of production and distribution of goods and services. This is in contrast to private enterprise, which is a characteristic of market-oriented economies where businesses are owned and operated by private individuals or companies.