Define free market system and identify and describe at least three of its major concepts or attributes

Free market economies allocate resources through demand and supply with minimal government intervention.

private ownership - all factors of production within the economy are owned mainly by private individuals and organizations.

Free enterprise - owners of factors of production and producers of a goods and services a free to produce what they want through the market forces of demand and supply.

Competition - Companies have a competitive drive, thus better quality goods and more variety of products which are at lower prices. (more productively efficient)