noun
free market
Economic term for a market where prices are determined by unrestricted competition between privately owned businesses.
自由市場では、価格は需要と供給によって決まる。
In a free market, prices are determined by supply and demand.
市場経済 (market economy) refers to the broader economic system, while 自由市場 specifically emphasizes the absence of government intervention in a particular market.
Compound of 自由 (freedom) and 市場 (market), a direct translation of the English term 'free market'.