The Collaborative International Dictionary of English v.0.48:

free-enterprise \free-enterprise\ adj.
   Of or pertaining to the free enterprise system having
   private ownership of the means of production and competition
   between enterprises. [prenominal] [Narrower terms:
   capitalistic, capitalist] socialistic

   Syn: competitive, private-enterprise(prenominal).
        [WordNet 1.5]

WordNet (r) 3.0 (2006):

free-enterprise
    adj 1: subscribing to capitalistic competition [syn:
           competitive, free-enterprise(a), private-
           enterprise(a)]