free market

Definitions

An economic system in which prices are determined by unrestricted competition between privately owned businesses.

A market economy based on supply and demand with little or no government control.

Examples

Proponents argue that a free market encourages innovation and competition among businesses.

The government decided to deregulate the industry to allow for a more efficient free market.

In a true free market, prices are determined solely by the forces of supply and demand.

Synonyms

Laissez-faire Capitalism Open market Private enterprise Market economy Unregulated market Competitive market

Antonyms

Planned economy Command economy State control Central planning Socialism Regulated market Protectionism