oboloo

oboloo Glossary

Free Market

oboloo Glossary

Free Market

A free market is an economic system in which prices are determined by supply and demand, without any government intervention or regulation. It allows buyers and sellers to freely exchange goods and services without price controls or other restrictions on their freedom of choice. In a free market, competition is the main regulator of prices, providing consumers with access to better products at lower costs. This system also encourages innovation and creativity, as sellers seek new ways to differentiate their products from those of their competitors. The free market is the foundation for a successful economy that gives individuals the freedom to pursue their own interests and gain financial independence.

Want to find out more about procurement?

Access more blogs, articles and FAQ's relating to procurement

Oboloo transparent

The smarter way to have full visibility & control of your suppliers

Contact

Feel free to contact us here. Our support team will get back to you as soon as possible

Oboloo transparent

The smarter way to have full visibility & control of your suppliers

Contact

Feel free to contact us here. Our support team will get back to you as soon as possible

© 2024 oboloo Limited. All rights reserved. Republication or redistribution of oboloo content, including by framing or similar means, is prohibited without the prior written consent of oboloo Limited. oboloo, Be Supplier Smart and the oboloo logo are registered trademarks of oboloo Limited and its affiliated companies. Trademark numbers: UK00003466421 & UK00003575938 Company Number 12420854. ICO Reference Number: ZA764971