The economy you described in your question is called a market economy. It has free markets and the production of goods and services are determined by the consumers.
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A recession is a widespread economic decline that lasts for several months. A depression is a more severe downturn that lasts for years.
Explanation:
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The French had better relationships with the Native Americans than most other Europeans because they didn't treat them badly. Instead they converted to their religion and didn't push them off of their land like the Spanish did.
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In my opinion, JP Morgan treated his workers Terribly! he caused so many falling wages and he was careless about the health and safety of the workforces of his companies.