free
mar
ket
noun
Third Person
free markets
1
an economic system that is not operated by the government rather by free competition and supply and demand
C1
- In a free market economy, prices are determined by supply and demand rather than government intervention.
- The country's transition to a free market system led to increased competition and economic growth.
- Entrepreneurs thrive in a free market environment where innovation and efficiency are rewarded.
- Supporters of a free market argue that it fosters innovation and consumer choice.
- The deregulation of industries is often a key component of transitioning to a free market economy.