Free market conditions refer to an economic system where the government minimizes its intervention and allows businesses to operate with minimal regulations, allowing for competition and free trade.
Related terms
Deregulation: The process of reducing or eliminating government regulations in a specific industry or sector.
Laissez-faire: An economic philosophy that advocates for minimal government intervention in the economy, allowing businesses to operate freely.
Invisible hand: A concept introduced by economist Adam Smith, referring to the self-regulating nature of markets when individuals pursue their own self-interests.