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Econ 3
| Question | Answer |
|---|---|
| Profit motive - principle of free enterprise | The incentive that drives individuals and business owners to improve their material well-being |
| Open opportunity - principle of free enterprise | Anyone can compete in the marketplace |
| Legal equality - principle of free enterprise | Everyone has the same legal rights |
| Private property rights - principle of free enterprise | People have the right to control their possessions and use then as they wish |
| Free contract- principle of free enterprise | People may decide what agreements they want to enter into |
| Voluntary exchange | People may decide what, when, and how they want to buy and sell |
| Interest group | Private organization that tries to persuade public officials to act in ways that benefit its members |
| Patriotism | Love of one's country |
| Eminent domain | The right of a government to take private property for public use |
| Public interest | The concerns of society as a whole |
| Public disclosure laws | Require companies to provide information about their products or services |
| Macroeconomics | Study of economic behavior and decision making in a nation's whole economy |
| Microeconomics | Study of economic behavior and decision making in small units, such as households |
| Gross domestic product | Total value of all final goods and services produced in a country in a given year |
| Business cycle | Pattern of expansion or contraction over a long period |
| Referendum | Proposed law submitted directly to the public |
| Obsolescence | Situation in whic older products and processes become out of date |
| Patent | Government license-gives the inventor or a new product exclusive rights to produce and sell it for a period of time |
| Copyright | Government license-grants an author exclusive rights to publich and sell his creative works for a period of time |
| Work ethic | Commitment to the value of work |
| Public good | Share good or service for which it would be inefficient or improactical to make consumers pay individually and to exclude those who did not pay |
| Private sector | Part of the economy that involves transactions of individuals and businesses |
| Infrastructure | Basic facilities taht are necessary for a society to funcion and grow-roads, bridges, sewer systems |
| Free rider | Someone who would not be willing to pay for a certain good or service, but would get the benefit of it anyway if it were provided as a public good |
| Market failure | Occurs when the free market operating, on its own, does not distribute resources efficiently |
| Externality | Economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume |
| Externalities are signs of... | Market failure |
| Welfare | Government aid to the poor |
| Cash transfers | Direct payments of money to poor, disagled, or retired people - TANF, Soc. Security, unemployment insurance, workers compensation |
| In-kind benefits | Goods and services provided for free or greatly reduced price |
| Freedom to buy and sell | People can decide, what, when, and how they want to buy and sell |
| Roles of consumer in Free enterprise system | Through voluntary exchange, consumers send a signal to businesses telling them what to produce and how much to make or what not to produce |
| How does the Constitution protect property rights? | Through the 5th and 14th Amendments to the Constitution |
| Define Promoting the public interest | Protect property rights, contracts and other business activities-protect us from economic problems that affect us all such as pollution, food safety, and safe medicine |
| Information provided by pubic discloser laws | Ingredients, directions, manufacturers name, address, phone number, expiration dates |
| How public health and safety are protected in America | *Set manufacturing standards *Require drugs be safe and effective *foods are safe *Package labels include expiration dates and how to operate safely |
| Problems created by government regulations | *Rules costly to implement *cuts into profits thus slowing growth *stifles competition *raises govern. spending |
| Three US goals to promote economic freedom | *High employment-Jobs for everyone *Growth-Each generations standard of living higher than the previous generation *Stability-keep prices and banking level |
| Government role in technology | Encourage innnovations and inventions |
| define American work ethic | Work hard and care about the quality of one's work |
| Regulatory agency | Government agencies that enforce ruled / laws to protect consumers and producers |
Created by:
sudokken
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