free-market economy

An economy dominated by private enterprise. In a free-market economy industrial output, the *prices of products and services, and the allocation of economic resources are determined by the unhindered interplay of the forces of supply and demand. In practice, a pure free-market economy is unlikely to exist today, as most nations have significant *public sector activity and *regulations over commerce and trade. A *mixed economy is currently the norm.

Auditor's dictionary. 2014.

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