An economy in which individual people and firms pursue their own self-interest without any central direction or regulation is a(n)

A) command economy.
B) laissez-faire economy.
C) invisible-hand economy.
D) private-sector economy.

Laissez-Faire Economy

An economic system where transactions between private parties are free from government intervention such as regulation, privileges, tariffs, and subsidies.

Self-Interest

A principle that assumes individuals make decisions that they perceive to be in their own best advantage, often equated with rational behavior.