What is the laissez faire business policy?

Answer 1

It means a lack of involvement on the part of the government to see how the events or problem turns out.
economic environment in which transactions between private parties are free from tariffs, government subsidies, and enforced monopolies, with only enough government regulations sufficient to protect property rights against theft and aggression.

Answer 2

Laissez-faire, from the French "allow to do", the theory or system of government that upholds the autonomous character of the economic order, believing that government should intervene as little as possible in the direction of economic affairs. The doctrine of laissez-faire is usually associated with the economists known as Physiocrats, who flourished in France from about 1756 to 1778.

Answer 3

It means that there shouldn't be too much government intervention. The role of the government is limited. The goverement shouldn't, for example, fix the price of something because the free market will set the correct price. If something is too expensive than producers will be encouraged to supply more of the product which in turn will increase the amount available and the price will fall, eventually.