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9 Cards in this Set
- Front
- Back
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Force that encourages people and organizations to improve their material well-being. |
Profit motive |
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Concept that everyone can compete and enter in the market place |
Open opportunity |
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Concept of giving everyone the same legal rights, you loose production potential of a large portion of the country |
Legal equality |
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Concept that people have the right and privilege to control their possessions as they wish. |
Private property rights |
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Concept that people may decide what agreements they want to enter into. |
Free contact |
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Concept that people may decide what and when they want to buy and sell. |
Voluntary exchange |
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Rivalry among sellers to attract customers while lowering costs. |
Competition |
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Rights to choose job, who to hire, what and how to produce |
Economic freedom |
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Consumers and producers make decisions on own benefit, they don’t have to please gov. |
Self interest |
