3. Free market philosophy

*History 8 Mesopotamia Vocabulary

Free market is a type of market or economy where goods can be bought and sold without governmental regulation or restriction and prices are controlled by supply and demand. Because no pure form of any economy exists, free market only exists in theory and therefore is a philosophy. Free market philosophy is one of the basic principles of Western modern society that was influenced by the first civilizations that arose in the Middle East.

Resources:

- Origins Manual, Page 92

- http://school.eb.com/levels/middle/article/273506

- http://www.worldbookonline.com/student/dictionary?lu=free+market

Picture: - Free market Diagram