Econ Ch. 3 Vocab

Front

Force driving improvement in material well-being

Back

Profit Motive

Front

Concept that everyone can compete in the marketplace

Back

Open Opportunity

Front

Concept of controlling possessions as desired

Back

Private Property Rights

Front

Allows people to decide on agreements.

Back

Free Contract

Front

Allows choice in buying/selling without restrictions.

Back

Voluntary Exchange

Front

Rivalry among sellers to attract customers while lowering costs

Back

Competition

Front

A private organization that persuades public officials to act in the interests of its members.

Back

Interest Group

Front

Require companies to provide key product info.

Back

Public Disclosure Laws

Front

Concerns of the public as a whole

Back

Public Interest

Front

Study of behavior and decision-making of economies

Back

Macroeconomics