Open markets refer to economic systems where goods and services can be bought and sold freely without excessive restrictions or tariffs. This allows for competition among businesses, which can lead to better prices and quality for consumers. Open markets encourage trade between countries, promoting economic growth and innovation. In an open market, consumers have a wide variety of choices, and producers can reach a larger audience. This system is often contrasted with closed markets, where government regulations limit trade. Examples of open markets include the European Union and the World Trade Organization, which facilitate international trade agreements.