A free object on a set S in a concrete category C is an object F(S) together with a function η: S → U(F(S)) such that every function f: S → U(A) factors uniquely through a morphism F(S) → A in C. This universal property makes the free construction F left adjoint to the forgetful functor U: C → Set. Free groups, free monoids, free modules, and free algebras all arise this way. The adjunction F ⊣ U encapsulates the idea that the free object is the most general or least constrained object built from the generators S, subject only to the axioms of the category.
Construct the free monoid on a set S (it is just the set of finite words in S with concatenation) and verify the universal property: every function from S to a monoid M extends uniquely to a monoid homomorphism from the free monoid to M. Then repeat for free groups and free vector spaces to see the pattern.
The simplest free object is one you already know intuitively: the free monoid on a set S is just the set of all finite sequences (words) of elements of S, with concatenation as the operation and the empty word as the identity. If S = {a, b}, then the free monoid contains ε, a, b, aa, ab, ba, bb, aaa, ... — every possible finite string. The "free" in the name means there are no extra relations imposed: ab ≠ ba, aa ≠ a, and so on. The only equalities that hold are those forced by the monoid axioms themselves (associativity and the identity laws).
The universal property is what makes this construction canonical. Given any monoid M and any function f: S → M (assigning each generator to some element of M), there is a unique monoid homomorphism f̄: Free(S) → M extending f. This means f̄(aab) = f(a)·f(a)·f(b) in M. You cannot choose f̄ freely — the homomorphism law forces its value on every word. The free monoid is the "most general" monoid generated by S: every other monoid generated by a set in bijection with S is a quotient of it, obtained by imposing additional relations. This is the precise sense in which the free object has no constraints beyond what the axioms demand.
From your prerequisite on adjoint functors, you can recognize the pattern: the free construction F: Set → C is a left adjoint to the forgetful functor U: C → Set. The forgetful functor strips away the algebraic structure, returning just the underlying set of an algebraic object. The free functor re-adds structure in the most unconstrained way. The adjunction hom-bijection says Hom_C(F(S), A) ≅ Hom_Set(S, U(A)), naturally in S and A — morphisms out of the free object correspond exactly to functions from the generating set into the underlying set. This is precisely the universal property in adjunction language: to define a homomorphism from the free object, you only need to specify where the generators go.
The same pattern recurs across algebra. The free group on S consists of reduced words in generators and their formal inverses; the free vector space on S has basis elements indexed by S with formal linear combinations; the free ring on S is the polynomial ring ℤ[S]. In each case the universal property is the same: a map out of the free object is uniquely determined by the images of the generators. This is why free objects are ubiquitous in abstract algebra — they are the canonical way to present an algebraic structure by generators, and presentations by generators and relations are quotients of free objects by the congruence generated by the relations.