Laissez-faire is a French term that translates to "let do" or "leave it be." In economics, it refers to a policy of minimal governmental interference in the economic affairs of individuals and society.
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Free Market: An economic system where prices are determined by unrestricted competition between privately owned businesses.
Capitalism: An economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
Deregulation: The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry.