The Economic Freedom index uses 10 specific freedoms, some as composites of even further detailed and quantifiable components:

• Business freedom (hf_business)
• Trade freedom (hf_trade)
• Fiscal freedom (hf_fiscal)
• Freedom from government (hf_govt)
• Monetary freedom (hf_monetary)
• Investment freedom (hf_invest)
• Financial freedom (hf_financ)
• Property rights (hf_prights)
• Freedom from corruption (hf_corrupt)
• Labor freedom (hf_labor).

Each of these freedoms is weighted equally and turned into an index ranging from 0 to 100, where 100 represents the maximum economic freedom. Although changes in methodology have been undertaken throughout the measurement period, continuous backtracking has been used to maximize comparability over time.