Quick Definition

A free market is an economic system where prices for goods and services are determined by the open market and consumers, with minimal government intervention.

Examples

• 1In a free market, the price of new smartphones is determined by consumer demand and competition among manufacturers.
• 2Farmers selling crops at different prices in a market based on quality and supply without government price controls.
• 3Online platforms like eBay where buyers and sellers freely set prices for a wide range of products based on supply and demand.

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