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profit motive
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private property rights
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Chapter 3 terms

terms for chapter 3: american free enterprise

QuestionAnswer
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
Created by: Tyl3r10959
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