Laissez-faire: This term refers to a policy of non-interference by the government in economic matters. It means letting businesses operate freely without excessive regulations.
Invisible hand: This concept, introduced by economist Adam Smith, suggests that individual self-interest in a free market leads to desirable outcomes for society as a whole, as if there was an invisible hand guiding economic decisions.
Supply and demand: These two terms represent the fundamental forces that determine prices and quantities in a market. When supply goes up or demand goes down, prices tend to decrease; when supply goes down or demand goes up, prices tend to increase.