Free Market – Economic system in which prices and wages are determined by unrestricted competition between businesses. No one is allowed to have a monopoly

To remember the definition of the phrase free market, use the following mnemonic:

Free stalls in the market (free market) allowed all businesses to be in unrestricted competition, setting their own prices. The only rule was that playing monopoly was not allowed.

Examples of free market in a sentence

You're allowed to drive a hard bargain in the free market.

In a free market, if demand for a product drops then so does its price.

She was a strong advocate of free market policies.