What type of economy is an economic system in which private business can operate freely with minimal state control

The correct answer is - market economy.

The market economy type is an economy type in which everything, or almost everything is in the hands of private owners. The government has little control over them, and the control is only in the legislative department, so that they can assure that criminal activities and neglect of the workers wouldn't take place.

In the market economy, the private businesses have the right to choose what they will produce, how will they do that, how many people will they employ, what amount of goods or services they will produce or provide. They also are able to trade not only on the home market, but all around the world where there is demand for their goods and services.

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