The term "open market" refers to a type of economic system where prices for goods and services are primarily determined by supply and demand forces, with little or no government intervention. In an open market economy, businesses can freely compete against one another, and consumers have the power to choose from various options when making purchases. This leads to efficient allocation of resources and encourages innovation and competition among companies. The term "open market" is often used to describe a financial market where securities such as stocks, bonds or commodities can be bought and sold freely by anyone with the necessary funds and authorization.