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Give an example in the marketplace that describes the principles of the free market and competition.

Give an example in the marketplace that describes the principles of the free market and competition.

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Answer #1

A Hot Dog seller.

In a marketplace it perfectly fine if anyone opens a hot dog selling outlet. The person doesn't need any specific permission from anyone he can just walk in and start his sales. There must be many other people making and selling their own versions of hot dog which will lead to healthy competition in the market and the price of the product will be decided by the demand and supply of the product making it a free market.

There is no government or other outside interference in setting the demand and supply in the market and the seller are free to set their own prices. This is the feature what makes it a free market.

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