Which of the following best summarize the difference between a free enterprise (capitalist) economy and a socialist (communist) economy? in a free enterprise or capitalist economy, the government controls prices. in a free enterprise or capitalist economy, private individuals own most businesses. in a socialist or communist economy, the government regulates and owns most businesses. in a socialist or communist economy, there are no government regulations. in a free enterprise or capitalist economy, consumers have fewer choices of products to buy.