Definition, Meaning & Synonyms

praca-darmas

Noun

pra-ça dar-mas

Definition

A term that can be translated to ‘free market’ in English, referring to an economic system where prices are determined by unrestricted competition between privately owned businesses.

Examples

The praca-darmas mechanism allows consumers to choose products based on their preferences and economic power.
In a praca-darmas, competition drives innovation and quality improvements.

Meaning

In a praca-darmas or free market, the forces of supply and demand are allowed to operate without government intervention, meaning that the prices for goods and services fluctuate based on their availability and consumer preference.