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global econ

economics

TermDefinition
profit motive the incentive that drives the individuals and buisness owners to improve their material well being.
open oppertunity the principle that anyone can compete in the marketplace
lagal eguality the principle that everyone has the same legal rights.
private property rights the principilty that people have the right to control their possesions an use them as they wish
free contract the principle that people may decide what agreements they want to enter in to.
voluntary exchange the principle that people may decide what, when, and how they want to sell.
interest group a private organization that tries to persuade public officials to act in ways that benefits its members.
patriotism love of ones counrty
eminent domain the right of government to take private property for public use.
public interest the concerns of society as a whole
public disclosure law laws requiring companies to provide information about there products an services
Created by: jeremy vester