WORLD HISTORY

Detailed explanation-1: -The free market is an economic system based on supply and demand with little or no government control. It is a summary description of all voluntary exchanges that take place in a given economic environment.

Detailed explanation-2: -A market economy is a type of economic system where supply and demand regulate the economy, rather than government intervention.

Detailed explanation-3: -The free market economy definition is also known as the truest form of capitalism, as profit is what drives all production, supply, and demand which forces businesses to be as efficient as possible.

Detailed explanation-4: -As mentioned earlier, “eBay” is an ideal example of a global marketplace, allowing anyone to sell any kind of product on a global scale. The marketplace economy has experienced huge growth over recent years, as it offers a major convenience to shoppers looking for a quick and easy experience.

Detailed explanation-5: -A free market is a type of economic system that is controlled by the market forces of supply and demand, as opposed to one regulated by government controls. It is opposite on the spectrum to a command economy, where a central government agency plans the factors of production and use of resources and sets prices.