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free market
free marketn. An economic market in which supply and demand are not regulated or are regulated with only minor restrictions.free market n (Economics) a. an economic system that allows supply and demand to regulate prices, wages, etc, rather than government policyb. (as modifier): a free-market economy. free′ mar′ket
n. an economic market regulated by the forces of supply and demand. [1905–10] free marketTrade which flows freely between countries without barriers such as tariffs and quotas.EncyclopediaSeefree enterpriseFree Market
Free MarketA system of economics that minimizes government intervention and maximizes the role of the market. According to the theory of the free market, rational economic actors acting in their own self interest deal with information and price goods and services the most efficiently. Government regulations, trade barriers, and labor laws are generally thought to distort the market. Proponents of the free market argue that it provides the most opportunities for both consumers and producers by creating more jobs and allowing competition to decide what businesses are successful. Critics maintain that an unfettered free market concentrates wealth in the hands of a few, which is unsustainable in the long term. In practice, no country or jurisdiction has a completely free market. See also: Deregulation, Classical economics, Keynesian economics, Marxism, Monetarism, Chicago School, Austrian School.AcronymsSeefermium |