Economic freedom refers to the ability of individuals and businesses to make their own economic choices, such as what to produce, how to produce it, and for whom. It includes the right to own property, enter contracts, and engage in trade without excessive government interference. This freedom is often linked to higher levels of prosperity and innovation. Countries with high levels of economic freedom typically have open markets, low taxes, and minimal regulations. Organizations like the Fraser Institute and Heritage Foundation measure economic freedom globally, highlighting its importance for fostering economic growth and improving living standards.