free economy; free-market economy
An economic system in which prices and production are determined by unrestricted competition between privately owned businesses, with minimal government intervention.
In a free economy, prices are determined by supply and demand.
The government should uphold the principles of a free economy.
That country introduced a free-market economy in the 1990s.
Under a free-market economy, companies compete freely.
Shifting from a planned economy to a free-market economy is not easy.