pure free-market economic system

A free-market economic system is an economic system in which the prices of goods and services are set freely by the forces of supply and demand, and in which government intervention in economic activities is kept to a minimum. In a free-market system, the power of economic actors—individuals, businesses, and organizations— to make economic decisions about the production and distribution of goods and services is unrestrained by government regulation or other entities in the market. This system encourages competition, resulting in the most efficient allocation of resources and lower prices for consumers. Goods and services are typically provided by firms and businesses in order to make a profit, and the ultimate goal of these firms is to maximize their profits. A free-market economy has several advantages over a more traditional government-regulated system. Consumers are provided with a greater selection of goods and services at lower prices, as businesses are free to establish competitive pricing for the products and services they offer. Furthermore, economic freedom encourages innovation and labor mobility, as businesses and individuals can operate freely without the need for government approval. As a result, firms have more incentive to make new investments or create new products, allowing them to remain competitive in the market. Finally, a free-market system encourages a higher level of economic efficiency, as prices are determined by the forces of supply and demand, as opposed to government intervention.