Laissez-faire is a French phrase meaning "allow to do." The correct way to pronounce it is "lay-say fair," with the emphasis on the second syllable. It is a term used to describe a hands-off approach to business and economic matters, in which the government does not intervene or regulate. Laissez-faire is a cornerstone of free-market capitalism, and is often used as an example of an economy that relies on the forces of supply and demand. By allowing the market to dictate the flow of goods and services, laissez-faire economics encourages competition and innovation, leading to lower prices and higher quality products.