Free Market
Free Market Meaning:
A market free from government regulation, but note that in order to be considered free, markets do not have to be free from all government regulation: government regulation against force and fraud are normally accepted.
A market free from government regulation, but note that in order to be considered free, markets do not have to be free from all government regulation: government regulation against force and fraud are normally accepted.
The advantage of free markets is said to be a lack of distortion. Without artificial incentives created by government regulation such as taxes, tariffs and subsidies, people are free to react to the law of supply and demand, and in doing so, will produce what other people want in the most efficient way possible.