Chapter 3 Economics

The desire for financial gain as an incentive in economic activity. It one of the basic principles of free enterprise.

• Legal Equality

• Private Property Rights

• Competition

• Profit Motive

An opportunity that has not yet been won or lost and is at any of the sale stages. It is one of the basic principles of free enterprise.

• Open Opportunity

• Legal Equality

• Private Property Rights

• Profit Motive

Tangible and intangible things owned by individuals or firms over which their owners have exclusive and absolute legal rights. It is one of the basic principles of free enterprise.

• Profit Motive

• Open Opportunity

• Private Property Rights

• Legal Equality

The concept that people may decide what agreements they want to enter into. It is one of the basic principles of free enterprise.

• Private Property Rights

• Free Contract

• Voluntary exchange

• Competition

The rivalry companies selling similar products and services with the goal of achieving the consumer's money. It is one of the basic principles of free enterprise.

• Profit Motive

• Free Contract

• Voluntary Exchange

• Competition

Laws that require companies to provide consumers with important information about their products.

• Public Interest

• Public Disclosure Law

• Interest Group

• Voluntary Exchange

Governments involvement in concerns of the public as a whole: environmental protection, sanitary food production

• Public Interest

• Public Disclosure Law

• Interest Group

• Competition

Private organizations that try to get the government to act

• Public Interest

• Public Disclosure Law

• Interest Group

• Competition

Stability that gives people confidence in the economy, which encourages spending money. One of the three goals for a stable economy.

• Consumer Confidence

• High Employment

• Steady Growth

• Technology

Provide Jobs for everyone able to work. One of the three goals for a stable economy.

• Consumer Confidence

• High Employment

• Steady Growth

• Technology