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Economics: Standard 1: Ch. 3 Sec. 1

Benefits of Free Enterprise

AB
profit motivethe incentive that drives individuals and business owners to improve their material well-being
open opportunitythe principle that anyone can compete in the marketplace
legal equalitythe principle that everyone has the same legal rights
private property rightsthe principle that people have the right to cnotrol their possessions and use them as they wish
free contractthe principle that people may decide what agreements they want to enter into
voluntary exchangethe principle that people may decide what, when, and how they want to buy and sell
interest groupa private organization that tries to persuade public officials to act in ways that benefit its members
patriotismlove of one's country
eminent domainthe right of a government to take private property for public use
public interestthe concerns of society as a whole
public disclosure lawslaws requiring compaies to provide information about their products or services


Business Teacher
Lowell High School
Lowell, IN

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