The basic means of achieving economic goals inherent in the economic structure of a society. Major economic systems include capitalism, fascism, socialism, and communism.
A free market is an economic system characterized by minimal or no government intervention, where prices are determined by supply and demand dynamics. It's an environment where transactions between buyers and sellers are governed primarily by mutual consent without external pressures from monopolies, cartels, or collusive oligopolies.
An economic system that relies upon markets to allocate resources and determine prices of goods and services.
Property rights refer to the legal rights to the ownership, use, and transfer of land, capital, and other goods. They are an essential element of the capitalist system and form the foundation for private ownership and profitability.
Pure Capitalism is an economic system where the principles of capitalism operate unfettered by any limiting factors such as government control or interference. In this system, the government's role is minimal, performing only those functions that cannot be undertaken by any other entity.
