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18 Cards in this Set
- Front
- Back
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4 Pillars of Free Enterprise |
Private property, price system, competition, and entrepreneurship |
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Incentve |
Reason for doing something (profit, interest, wage, rent) |
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Price system |
Use of prices to allocate scarce resources |
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Competition |
Rivalry among buyers and sellers |
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Entrepreneurship |
Seeing opportunities and acting on them to introduce new or better goods/services |
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Consumers |
They Use goods |
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Resource owners |
Own the Econ resources |
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Goods and services markets |
Voluntary exchanges between consumers and businesses |
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Resource markets |
Voluntary exchange between resource owners and businesses |
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Full Employment |
Should be a job for everyone who is ready, willing, and able |
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Economic growth |
Average living standard should improve as the output of goods and services increases |
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Price stability |
Most prices should remain relatively constant |
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Economic freedom |
People have the freedom to goose how to earn a living and how to spend $ |
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Economic security |
Some people are unable to pay, Econ security mean their needs should be met |
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Equity |
Fair/impartial |
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Efficiency |
Efficiency measure how much one gets for how much one uses |
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Command Econ |
Gov'n holds most property rights |
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Traditional econ |
Econ based on custom + tradition |
