Define the following terms: monopoly and laissez-faire

'Monopoly' Definition: A market structure portrayed by a solitary dealer, moving a one of a kind item in the market. In an imposing business model market, the dealer faces no challenge, as he is the sole vender of products with no nearby substitute. He appreciates the intensity of setting the cost for his merchandise.

laissez-faire: a French expression that interprets as "take off alone" (truly, "let you do"), is that the less the legislature is associated with the economy, the happier business will be - and by augmentation, society all in all. Free enterprise financial matters are a key piece of free market private enterprise.