Economic Freedom

Definition

Economic freedom refers to the ability of individuals and businesses to make their own economic decisions without interference from the government. This includes choices about what to produce, how to produce it, and for whom it will be produced.

Related terms

Capitalism: An economic system where trade and industry are controlled by private owners for profit rather than by the state.

Free Market: A type of economy where prices are determined by unrestricted competition between privately owned businesses.

Laissez-faire: A policy or attitude of letting things take their own course without interfering; in economics, it refers to an environment in which transactions between private parties are free from state intervention.