Economic freedom refers to the absence of regulation or other dictates from government or other authority in economic matters, enabling efficient allocation of resources in a capitalist system.
A free and open market is a type of market where prices for goods and services are determined by the unrestricted interplay of supply and demand, as opposed to a controlled market where prices and supplies are regulated.
Free Enterprise refers to the economic system wherein businesses are allowed to operate with minimal government intervention, guided primarily by the forces of supply and demand.
A market economy is an economic system in which the production and prices of goods and services are determined by competition among privately owned businesses.
An economic system that relies upon markets to allocate resources and determine prices of goods and services.
Price flexibility refers to the economic circumstance where prices are permitted to vary considerably in response to changes in supply and demand.
Private goods are objects or services that possess typical characteristics including excludability and rivalrous consumption. These goods are consumed by individuals, and the consumption by one person prevents others from consuming the same unit or gaining similar benefits.
The basic economic principle that most resources, goods, and services are available in limited quantities, requiring allocation based on willingness to pay the price set by supply and demand in a market economy.
