ELI5: Explain Like I'm 5

Free market

A free market is an economic system where people can buy and sell goods and services. People can decide what they want to buy and sell, and what price they want to sell and buy things at. This means that prices are based on what people are willing to pay and what other people are willing to pay to get what they want. It's different from a controlled market, where the prices are controlled by the government.