The Classical Economic Model is an economic theory that emphasizes the idea of free markets and the self-regulating nature of the economy. It suggests that supply and demand determine prices, and that individuals acting in their own self-interest can lead to overall economic growth. Key figures associated with this model include Adam Smith and David Ricardo. In this model, it is believed that markets are efficient and that any unemployment or economic downturns are temporary. The role of government is minimal, primarily focused on maintaining law and order, while the economy naturally adjusts to changes through competition and innovation.