Econ Ch. 3 Vocab

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

• Profit Motive

• Open Opportunity

• Private Property Rights

• Free Contract

the concept that everyone can compete in the marketplace

• Profit Motive

• Open Opportunity

• Competition

• Free Contract

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

• Profit Motive

• Private Property Rights

• Competition

• Free Contract

allows people to decide what agreements they want to enter into

• Voluntary Exchange

• Private Property Rights

• Competition

• Free Contract

allows people to decide what and when they want to buy/sell, rather than forcing them to buy/sell at particular times/ specific prices

• Voluntary Exchange

• Private Property Rights

• Competition

• Free Contract

the rivalry among sellers to attract customers while lowering costs

• Profit Motive

• Open Opportunity

• Competition

• Free Contract

a private organization that tries to persuade public officials to act or vote according to the interests of the group’s members

• Profit Motive

• Open Opportunity

• Interest Group

• Free Contract

require companies to give consumers important information about their products

• Profit Motive

• Public Disclosure Laws

• Interest Group

• Public Interest

the concerns of the public as a whole

• Profit Motive

• Public Disclosure Laws

• Interest Group

• Public Interest

study of the behavior and decision making of entire economies

• Macroeconomics

• Microeconomics

• Business Cycle

• Public Interest