Concept information
Preferred term
free markets
Definition
- Free markets are economic exchanges where producers and sellers voluntarily exchange economic goods and services with no outside interference or coercion. In a free market both parties to the transaction exchange goods and services, because they expect a gain from the exchange; if there is no expectation of gain, there is no exchange. [Source: Encyclopedia of Business in Today's World; Free Markets]
Broader concept
Belongs to group
URI
https://concepts.sagepub.com/social-science/concept/free_markets
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