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Review:

Free Market Economy

overall review score: 4.5
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

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Last updated: Mon, Jan 6, 2025, 05:28:54 PM UTC