terms for chapter 3: american free enterprise
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| profit motive | the incentive that drives individuals and business owners
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| private property rights | principle that people have the right to control their possessions and use them as they wish
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| voluntary exchange | principle that people may decide what, when, and how they want to buy and sell
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| interest group | private organization that tries to persuade public officials to act in ways that benefit its members
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| eminent domain | right of a government to take private property for public use
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| public discourse laws | laws requiring companies to provide information about their products or services
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| gross domestic product | total value of all final goods and services produced in a country in a given year
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| patent | government license that gives the inventor of a new product the exclusive right to produce and sell it
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| copyright | government license that grants an author exclusive rights to publish and sell creative works
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| public good | shared good or service for which it would be inefficient or impractical to make consumers pay individually and to exclude those who didn't pay
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| free rider | someone who wouldn't be willing to pay for a certain good or service but who would get the benefits of it anyway if it were provided as a public good
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| who plays many roles in the marketplace? | the government
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| what 3 goals does the government try to meet when promoting economic strength? | high employment, economic growth, and stability and security
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