Why is the market system also known as the free market system?

The free market is an economic system based on competition, with little or no government interference. ... Such exchanges take place in the so-called “black market,” which may be considered an underground version of the free market. Competition is difficult and ... A free market should also offer low barriers to entry. read more

This system is also known as capitalism. This system is characterized by the private ownership of resources and the use of markets and prices to coordinate and direct economic activity. read more

The free market system is known as the market system because the latter term has one fewer word - it is simpler - but the term hides the assumption that it is free of external control. read more