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An economic system characterized by freedom is typically a market economy, where individuals and businesses have the liberty to make their own economic choices, such as what to produce, how to produce, and for whom to produce. This system promotes competition and innovation, allowing for the efficient allocation of resources based on supply and demand. While it encourages personal initiative and entrepreneurship, it also necessitates some regulatory framework to address market failures and ensure fair practices. Overall, market economies aim to balance individual freedoms with social welfare.

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