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A free market is a market system in which the prices for goods and services are set freely by consent between sellers and consumers, in which the laws and forces of supply and demand are free from any intervention by a government, price-setting monopoly, or other authority.
Free market system is a market economy based on supply and demand with little or no government control. A completely free market is an idealized form of a market economy where buyers and sellers are allowed to transact freely based on a mutual agreement on price without state intervention in the form of taxes, subsidies or regulation.
A free market is a system whereby the Factors of Production are controlled by the private sector with minimum government interference. The market will find a stabilization by its own and only some guidelines are required by the government to regulate.
Historically, no nation has ever had a completely authentic free-market economy. In this sense, it is purely a theoretical concept. However, given contemporary usage by economists and other specialists, such as those at the Heritage Foundation, Canada, Hong Kong, Singapore, Australia, New Zealand and Switzerland are thought to rank among "Free" economies, as of2014. The United States, along with many remaining Western nations, is considered to be "Mostly Free."
In traditional theory, a pure free-market economy is one where no outside intervention affects its functioning, either by the state or any other entity. In reality, such an ideal situation has never materialized. Thus, contemporary researchers use the term to refer to nations where such intervention is optimally limited, where private property is most highly valued and where impediments to trade and investment are to the greatest extent quantifiably non-existent.
Under the free market system (Open International Market), the Government allows International manufacturer and producers to enter into the country's local market through bilateral trades and stop giving protection to their local suppliers and producers. In fact it is an opportunity for local producers to improve the standard and quality of their products to compete with International producers.
Unlike Controlled market system, In free market system prices for goods & services are set freely by consent of buyers and sellers, without any intervention from government price setting authorities.
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