Review:
Free Market Economy
overall review score: 4.5
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score is between 0 and 5
A free market economy is an economic system in which prices for goods and services are determined by the open market and consumers, with minimal government intervention.
Key Features
- freedom of choice
- competition
- private ownership of property
- minimal government regulation
Pros
- encourages innovation and entrepreneurship
- allows for efficient allocation of resources
- promotes economic growth and prosperity
Cons
- income inequality
- potential for market failures
- lack of social safety nets for vulnerable populations