An economic system in which prices are set purely by negotiation between seller and buyer, and there are no government price controls or regulations. (In many cases, though, people use the term "free market" to refer to a system in which there may be some limited government regulation, but only for the purpose of ensuring that people don't cheat each other, etc.)
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An economic system in which prices are set purely by negotiation between seller and buyer, and there are no government price controls or regulations. (In many cases, though, people use the term "free market" to refer to a system in which there may be some limited government regulation, but only for the purpose of ensuring that people don't cheat each other, etc.)