Free market economy: meaning, definitions and examples
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free market economy
[ ˈfri ˈmɑːrkɪt ɪˈkɑːnəmi ]
economic system
A free market economy is an economic system in which prices are determined by unrestricted competition between privately owned businesses. In a free market economy, the forces of supply and demand dictate the prices of goods and services.
Synonyms
capitalist economy, laissez-faire economy
Examples of usage
- The United States is often cited as an example of a free market economy.
- In a free market economy, the government does not interfere with the pricing of goods and services.
Translations
Translations of the word "free market economy" in other languages:
🇵🇹 economia de mercado livre
🇮🇳 मुक्त बाजार अर्थव्यवस्था
🇩🇪 freie Marktwirtschaft
🇮🇩 ekonomi pasar bebas
🇺🇦 ринкова економіка
🇵🇱 gospodarka wolnorynkowa
🇯🇵 自由市場経済
🇫🇷 économie de marché libre
🇪🇸 economía de libre mercado
🇹🇷 serbest piyasa ekonomisi
🇰🇷 자유 시장 경제
🇸🇦 اقتصاد السوق الحرة
🇨🇿 ekonomika volného trhu
🇸🇰 trhová ekonomika
🇨🇳 自由市场经济
🇸🇮 prosto tržno gospodarstvo
🇮🇸 frjáls markaðshagkerfi
🇰🇿 еркін нарықтық экономика
🇬🇪 თავისუფალი ბაზრის ეკონომიკა
🇦🇿 sərbəst bazar iqtisadiyyatı
🇲🇽 economía de libre mercado
Word origin
The concept of a free market economy dates back to the 18th century with the ideas of classical economists such as Adam Smith. It gained prominence in the 20th century as a contrast to centrally planned economies. The free market economy is based on the principles of individual freedom, private property rights, and minimal government intervention.