Free market
Free market an economic system with only a tiny amount of government control, in which prices and earnings are decided by the level of demand for, and production of goods and services [Cambridge Dictionary].
As the free market represents a benchmark that does not exist, modern societies can only approach or approximate this ideal of efficient resource allocation. They can be described along a spectrum ranging from low to high amounts of regulation.
Many economists consider resource allocation in a free market to be Pareto-efficient, where no one can be made better off without making other individuals worse off, given certain conditions (like the absence of externalities, side effects, and informational asymmetries, or disparities of knowledge, among others). Moreover, according to this theory, through the invisible-hand mechanism of self-regulating behavior, society benefits by having self-interested actors make free economic decisions that benefit themselves. Some ethicists have argued that the efficiency of free markets depends on several moral parameters as scope conditions, such as fair play, prudence, self-restraint, competition among equal parties, and cooperation [Encyclopædia Britannica].
Free market. Cambridge Dictionary. Retrieved from: https://dictionary.cambridge.org/dictionary/english/free-market
Free market. Encyclopædia Britannica. Retrieved from: https://www.britannica.com/topic/fair