When economist use the term laissez-faire what economic idea are they referring to

The term laissez-faire depicts the economic idea of conducting business transactions without government interference.

Laisses-faire is a french term which means "to let go". In the economic scenario, it enables merchants to self-regulate and do free trading with other merchants and clientele.

They are not subject to the government's imposition of tariffs, subsidies, regulations, and privileges.