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FreeMarket typically refers to an economic system where prices for goods and services are determined by the open market and by consumers. In a free market, the laws and forces of supply and demand are free from any intervention by a government or other authority. Here are its key characteristics:

1. Little to no government intervention: Governments don't impose many regulations or restrictions.

2. Private property: Individuals own the means of production and can use them as they see fit.

3. Voluntary exchange: Transactions are made voluntarily between parties.

4. Competitive markets: Multiple producers compete to sell their products, leading to better quality and prices.

5. Profit motive: Businesses operate to make a profit.

6. Consumer sovereignty: Consumers determine what goods and services are produced by their purchasing choices.

Remember, while these are ideal characteristics, real-world examples of free markets often involve some level of government intervention for practical and regulatory reasons.

Is there any country which is practicing the free market?

No country practices a completely free market system. However, some countries come close by embracing many aspects of free markets. These countries typically have low levels of government intervention, a high degree of private ownership, and strong protection of property rights. Examples include:

- Singapore: Known for its robust free-market economy, Singapore has a highly developed and successful free-market economy characterized by open and corruption-free environment, stable prices, and a high per capita GDP.

- Hong Kong: Often cited for its economic freedom, Hong Kong operates as a largely independent economy within China, with low taxation, minimal government intervention, and a well-established international financial market.

- Switzerland: With a stable and prosperous economy, Switzerland has a strong tradition of economic liberalism, low government intervention, and a high level of banking secrecy.

- United States: Although it has more government intervention compared to others on this list, the U.S. is often seen as a symbol of capitalism and free markets.

- New Zealand: Known for its ease of doing business, low levels of corruption, and high level of economic freedom.

These countries, while not completely free-market, exhibit many characteristics like strong property rights, less regulation, and open markets, making them closer to the free-market ideal.