What two-word economic term describes a system where prices and production are determined solely by unrestricted competition between private businesses?
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Free market
In a free market, the 'invisible hand' of supply and demand dictates the cost of goods without government interference. This concept was famously popularized by economist Adam Smith in his 1776 book, 'The Wealth of Nations.'
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- What two-word term refers to an economic system where supply and demand dictate costs without government interference?