Question

The chapter defines private enterprise as a characteristic of market-oriented economies. What would public enterprise be?

Short answer

A characteristic of public enterprise is command economies.

Step-by-step solution

Step 1.  Meaning of Command Economy.

An economy where monetary choices are for the most part passed down from government authority and where the public authority guarantees the resources is named as an order economy.

Step 2.  Define public enterprise

A public enterprise is a characteristic of command economies because in a public enterprise, the rules are generally said to be passed down from one government to the next just like a command economy. Here the government is the one who decides the prices that are to be charged, what to produce and how to produce.