Economics Chapter 3

The drive for the improvement of material well-being.

• ProTech Systems

• Profit Motive

• Open

• Legal equality

The ability for anyone to compete in the marketplace.

• Included opportunity

• Profit opportunity

• Open opportunity

• Opportunity Cost

Equal rights to all

• Litigation

• Constant equality

• Legal equality

• Open opportunity

The right to control your possessions as you wish.

• Private Property Rights

• Legal Equality

• Open Opportunity

• Free Contacts

The rivalry among sellers to attract consumers.

• Public Equality

• Open Opportunity

• Legal Equality

• Competition

The right to decide what and when you want to buy and sell a product.

• Public Opinion

• Legal Contact

• Voluntary Exchange

• Involuntary Exchange

The right to decide what agreements in which you want to take part.

• Free Contract

• Open Market

• Legal Equality

• Involuntary Exchange

are private organizations that try to persuade public officials to vote according to the interests of the groups’ members.

• Interest drawing options

• Optional healthcare

• Open opportunity

• Interest groups

A fundamental purpose of the ______________________system is to give consumers the freedom to make their own economic choices.

• Legal

• Free Enterprise

• Open

• Communist

Through their economic dealings with producers, ________________________make their desires known. When buying products, they indicate to producers what to produce and how much to make.

• Consumers

• Sellers

• Stock Brokers

• Government Officials