free market economy JUST WRITTEN FOR YOU
/ˈfriː mɑːrˈkɛt ˈɛkənəmi/ · free mar ket e con o my
noun
- An economic system where the production, distribution, and pricing of goods and services are determined by market forces, rather than by the government. The country's free market economy has led to rapid economic growth and increased living standards.
- A system in which individuals and businesses are free to make economic decisions without government intervention or regulation. The free market economy allows entrepreneurs to innovate and create new products and services.
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Did you know? The concept of a free market economy was first introduced by Adam Smith in his book 'The Wealth of Nations' in 1776, where he argued that economic growth and prosperity can be achieved through the free exchange of goods and services in a market economy.