Econ. ch.3 section 1

Drive individual and business to make decision that improve their material well-being

• Profit motive

• open opportunity

• legal equality

• Private property rights

• free contract

The principle that anyone can compete in the market place

• Profit motive

• open opportunity

• legal equality

• Private property rights

• free contract

the principle that everyone has the same legal rights

• Profit motive

• open opportunity

• legal equality

• Private property rights

• free contract

Gives people the right to control their possession and use them as they wish

• Profit motive

• open opportunity

• legal equality

• Private property rights

• free contract

allows people to decide what agreement they want to enter into

• Profit motive

• open opportunity

• legal equality

• Private property rights

• free contract

Allows people to decide what,when, and how they want to buy and sell

• voluntary Exchange

• interest group

• patriotism

• eminent domain

• public interest

A private organization that tries to persuade public official to act in ways that benefit its members

• voluntary Exchange

• interest group

• patriotism

• eminent domain

• public interest

love of one's country

• voluntary Exchange

• interest group

• patriotism

• eminent domain

• public interest

right of a government to take private property for public use

• voluntary Exchange

• interest group

• patriotism

• eminent domain

• public interest

the concerns of society as a whole

• voluntary Exchange

• interest group

• patriotism

• eminent domain

• public interest