Laissez-faire is an economic doctrine that advocates for minimal government intervention in the economy. It emphasizes free markets, limited regulation, and non-interference with individual economic activities.
Free Market: An economic system where prices are determined by supply and demand forces without significant government intervention.
Invisible Hand: The concept introduced by economist Adam Smith which suggests that individuals acting in self-interest within a free market can unintentionally promote social welfare.
Deregulation: The process of reducing or eliminating government regulations on industries or specific sectors of the economy.
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