The advantages of a free market are: consumer choice, limited bureaucracy, increased risk-taking, and innovation.
The free market increases consumer choice by allowing more parties to participate in the market economy. Individuals and companies are free to produce goods or offer services without having to seek the approval of government agencies. People can choose the degree to which they wish to participate in the market. Market production choices range from small, individual crafts-selling to large-scale corporate enterprises.
The second advantage of a free market is limited bureaucracy. Limited bureaucracy can translate to fewer wasted resources and more streamlined processes.
Finally, a free market can help create an environment that encourages greater risk and innovation. Proponents of a free market economy argue that risk-taking and innovation can be thwarted by bureaucratic meddling or too much government interference.