Free Market

The free market is an economy where there’s no government stepping in and slapping on regulations and restrictions. The free market is unregulated, and is one of the largest differences in capitalist and communist economies (not political parties, but economies).

So things like minimum wage, environmental regulations, banking, and financial regulations and oversight aren’t a thing in free markets. Oh yeah, also there's no drinking or driving age, or any regulations of any drugs or food at all, since governments set those too. Monopolies and monopsonies are free to flourish, as are lack of worker and consumer safety standards.

Many free market proponents argue that the invisible hand of the market will take care of these things if they’re actually issues. For instance, a restaurant that ends up making people sick will go out of business, so why bother with expensive government programs with food inspectors and licenses? There are others who argue the free market can’t fix some issues, like provide a minimum living wage, and that a free market can exacerbate problems like drug addiction.

Black markets are inevitably free markets since they function under the radar of (and without the rules imposed by) the government. Although, force (think: drug lords) can have regulatory power in free markets.