Ch. 3 Section 1: Benefits of Free Enterprise

the force that encourages people and organizations to improve their material well-being

• free contract

• profit motive

• competition

• public interest

the concept that everyone can compete in the marketplace

• profit motive

• legal equality

• free contract

• open opportunity

the concept of giving everyone the same legal rights

• legal equality

• profit motive

• self interest

• competition

the concept that people have the right and privilege to control their possessions as they wish

• voluntary exchange

• private property rights

• legal equality

• free contract

the concept that people may decide what agreements they want to enter into

• voluntary exchange

• free contract

• legal equality

• economics

the concept that people may decide what and when they want to buy and sell

• competition

• free contract

• self interest

• voluntary exchange

the rivalry among sellers to attract customers while lowering costs

• competition

• profit motive

• legal equality

• price drop

a private organization that tries to persuade public officials to act or vote according to group members’ interest

• interest group

• private group

• public group

• self interest

laws requiring companies to provide full information about their products

• government laws

• public disclosure laws

• company laws

• public interest

the concerns of the public as a whole

• public concern

• public interest

• public group

• public disclosure