12 June 2023 Monday
What is a Free Market Economy
The term free market economy refers to an economic system in which production and consumption are regulated by the meeting of supply and demand in markets. The foundation of the free market economy is built primarily on the ideas of the 18th-century economist Adam Smith, whose "invisible hand" model of thought assumes that the market, through self-organization, will override the selfish pursuit of profit by individual market participants for the general public good.
