What term describes the government's non-intervention in economic affairs?

The term that best describes the government's non-intervention in economic affairs is "Laissez-faire." This concept originates from French, meaning "let do" or "let go," which reflects the idea that economic success is best achieved when the government plays a minimal role in the market. Laissez-faire advocates argue that free markets lead to innovation and efficiency, as individuals and businesses are left to operate without undue interference from governmental regulations or controls.

This principle contrasts sharply with interventionism, where the government takes an active role in regulating economic activity, and regulation, which specifically refers to the imposition of rules and guidelines governing business practices. A monopoly, on the other hand, describes a market structure where a single entity has significant control over a commodity or service, often leading to market distortions. Thus, the essence of laissez-faire captures the philosophy of allowing the market to guide economic decisions without governmental influence, making it the correct answer.