Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
16 Cards in this Set
- Front
- Back
Profit Motive
|
the force that encourages people and organizations to improve their material well-being
|
|
open opportunity
|
the concept that everyone can compete in the maketplace
|
|
legal equality
|
the concept giving everyone the same legal rights
|
|
private property rights
|
the concept that people have the right and privilage to control their possessions as they wish.
|
|
free contract
|
the concept that people may decide what agreements they want to enter into.
|
|
Voluntary exchange
|
the concept that people may decide what and when they want to buy and sell
|
|
Competition
|
the rivalry among sellers to attract customers while lowering costs
|
|
intrest group
|
a private organization that tries to persuade public officials to act or vote according to group members' intrests.
|
|
public disclousre laws
|
laws requiring companies to provide full information about their products
|
|
public intrest
|
the concerns of the public as a whole
|
|
macroeconomics
|
the study of behavior and decision making of entire economics
|
|
microeconomics
|
the study of tthe economic behavior and decision making of small units, such as individuals, families, and businesses.
|
|
gross domestic product (GDP)
|
the total value of all goods and services produced in a particular economy
|
|
Business cycle
|
a period of macroeconmic expansion followed by a period of contraction.
|
|
work ethic
|
a commitment to the calue of work and purposeful activity
|
|
technology
|
the process used to produce a good or servic
|