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12 Cards in this Set
- Front
- Back
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Economic Freedom |
Individuals can work for who they want, where they want, and when they want
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Voluntary Exchange |
Buyers and sellers freely and willingly transacting business.
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Private Property Rights |
we are entitled to own and control our possessions with few limitations.
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Profit Motive |
people work hard and risk money in investments with the hope of a profit
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Competition |
the struggle among sellers to attract consumers while lowering costs.
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The Entrepreneur |
organizes land, labor, and capital to obtain profits. Wants to be their own boss.
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Consumers |
where the power lies in the economy - they determine what is produced. If consumers buy something, producers will continue to produce.
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Government |
the role of government reflects the will of the people.
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Protector |
ensuring laws are followed and rights are protected. Food and product safety, truth in advertising, environmental standards, and illegal discrimination are examples of the protector rule.
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Provider and Consumer |
Government provides things such as national defense, police, roads, schools, and social welfare programs that the market would not provide as effectively or efficiently
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Regulator |
preserving competition in the market, overseeing industries such as banking, communications, and power.
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Promoter of National Goals |
once a consensus is reached as to what our national priorities should be, the government can enact policies to move toward those goals.
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