A quantity that has no units of measurement. Examples of unit-free measures are percentages, market shares, and elasticities. Interest rates and growth rates are not unit-free measures, as while they are independent of the units in which prices and quantities are measured, they are measured in units per unit of time (e.g. per month or per annum) and so do depend on the units used to measure time.
|Reference: Oxford Press Dictonary of Economics, 5th edt.|