Final answer:
The economic system characterized by consumer freedom and where demand often exceeds supply is known as Market Capitalism.
Step-by-step explanation:
The economic system where customers are free to purchase whatever is available, yet demand usually exceeds supply is known as Market Capitalism. In a market economy, the production of goods and services is determined by the demand from consumers and is based on economic freedom, competition, and voluntary exchange.
Government interference is limited, and decision-making is decentralized, with private individuals or groups owning and operating the means of production.