169. Argentina

4. Switzerland

170. Equatorial Guinea

5. Australia

171. Iran

6. Canada

7. Chile

8. Ireland

9. Estonia

172. Republic of Congo

173. Eritrea

174. Turkmenistan

175. Zimbabwe

TABLE 1.1 Economic Freedoms, 2016 (Source: The Heritage

Foundation, 2016 Index of Economic Freedom, Country

Access for free at openstax.org
1.4 • How To Organize Economies: An Overview of Economic Systems 21

Most Economic Freedom

Least Economic Freedom

10. United Kingdom

176. Venezuela

11. United States

177. Cuba

12. Denmark

178. North Korea

TABLE 1.1 Economic Freedoms, 2016 (Source: The Heritage

Foundation, 2016 Index of Economic Freedom, Country

Rankings, http://www.heritage.org/index/ranking)

Regulations: The Rules of the Game

Markets and government regulations are always entangled. There is no such thing as an absolutely free

market. Regulations always define the “rules of the game” in the economy. Economies that are primarily
{"source": "downloads\\business\\economics\\Microeconomics3e.pdf", "producer": "Prince 14.2 (www.princexml.com)", "upload_timestamp": "2026-02-07T15:37:44.339247", "creationdate": "2022-12-07T14:15:44-06:00", "file_name": "Microeconomics3e.pdf", "batch_upload": true, "creator": "PDFMiner", "uploaded_via": "batch_uploader", "moddate": "2022-12-07T14:23:05-06:00", "file_type": ".pdf", "source_file": "downloads\\business\\economics\\Microeconomics3e.pdf", "total_pages": 597, "title": "Principles of Microeconomics 3e", "file_hash": "830b81f41611ac67a490444dbb5d6aed292224606965b06965b914443c93331a", "file_size_mb": 26.99}