Free market economics is an economic system based on supply and demand with little or no government control. Prices for goods and services are set freely by consent between vendors and consumers.
Imagine you're at a school fair where students can set up their own stalls to sell whatever they want - from homemade cookies to handcrafted jewelry. The prices aren't dictated by any authority but are decided based on what people are willing to pay - that's free market economics!
Capitalism: An economic system characterized by private ownership where production, distribution, and prices are determined by competition in a free market.
Supply & Demand: Fundamental concept of economics that states that at equilibrium price, quantity supplied equals quantity demanded.
Competition: In economics, competition occurs when businesses vie for the same resources or customers.
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