Identify the four major requirements necessary for a free-market system to operate.

The free market is defined as the system in which the price of goods is agreed upon by consent between sellers and consumers, through the laws of supply and demand. Their requirements are the existence of free competition, (which in turn requires that among the participants of a commercial transaction there is no coercion, no fraud, or more generally, that all transactions are voluntary), c omplete universal information about the products and their prices, a free medium of exchange with a common currency, reasonable transaction costs, set of sellers and a set of buyers.