Answer:
The characteristics describe a free market economy.
Step-by-step explanation:
The free market economy is an economic system that has been become more and more widespread. The reason for its growing popularity comes from the fact that so far it has given the best results when it comes to the development of the countries, but it also enables the business sector to operate freely and outside of the borderds of the country where its seat is. This economic system initially developed in the western world, and during the twentieth century, and especially after the fall of communism it spread out rapidly across the globe.
The free market economic system has many advantages when compared to other economic systems. The companies have total freedom in their choices when it comes to production. The prices and set by the consumers, or rather the consumers choose the best products for the most acceptable prices. The labor force is free to decide where they want to work and to negotiate about their income in accordance with their qualifications. The borders, at least in an economic sense, are open between the countries, so the companies can operate on a much larger-scale.