Chapter 3 terms Word Scramble
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| Question | Answer |
| profit motive | the incentive that drives individuals and business owners |
| private property rights | principle that people have the right to control their possessions and use them as they wish |
| voluntary exchange | principle that 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 |
| eminent domain | right of a government to take private property for public use |
| public discourse laws | laws requiring companies to provide information about their products or services |
| gross domestic product | total value of all final goods and services produced in a country in a given year |
| patent | government license that gives the inventor of a new product the exclusive right to produce and sell it |
| copyright | government license that grants an author exclusive rights to publish and sell creative works |
| 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 |
| 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 |
| who plays many roles in the marketplace? | the government |
| 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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