What is characterized by few government restrictions on the production and selling of goods and services?

The concept characterized by few government restrictions on the production and selling of goods and services is best defined as a free market. In a free market economy, decisions regarding investment, production, and distribution are driven by the interactions of citizens and businesses in the marketplace. Prices are determined by supply and demand, allowing for voluntary exchanges without significant government intervention.

In this system, competition motivates businesses to innovate and improve efficiency, leading to a diverse array of products and services. Consumers have the freedom to choose from various suppliers, which leads to better quality and prices, as producers strive to meet consumer needs effectively.

This stands in contrast to a planned or command economy, where the government centrally plans and controls all economic activities, thereby limiting personal and business freedoms. A mixed economy incorporates elements of both free market and planned economies, allowing for some level of government involvement in economic activities, which can lead to restrictions. Therefore, the defining feature of a free market is the minimal government intervention, fostering a dynamic and consumer-driven economic environment.