Economic freedom refers to the ability of individuals and businesses to make their own economic choices without excessive government interference. This includes the right to own property, start a business, and engage in trade. When people have economic freedom, they can pursue opportunities that align with their skills and interests, leading to innovation and growth. Countries with high levels of economic freedom often experience greater prosperity and improved living standards. Factors contributing to economic freedom include low taxes, minimal regulations, and a stable legal system. Examples of organizations that measure economic freedom include the Heritage Foundation and the Fraser Institute.