Economic Freedom

Definition

Economic freedom refers to individuals' ability to make economic decisions without interference from the government. It includes factors such as property rights protection, free trade, low taxes, and limited government regulation.

Related terms

Property Rights: The legal rights individuals have over their possessions (land, buildings, etc.), allowing them to use them as they see fit.

Market Competition: The rivalry among sellers trying to attract customers by offering better products at lower prices.

Taxation: The levying of compulsory charges by the government on individuals and businesses in order to finance public expenditures.