Econ 3
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| Profit motive - principle of free enterprise | The incentive that drives individuals and business owners to improve their material well-being
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| Open opportunity - principle of free enterprise | Anyone can compete in the marketplace
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| Legal equality - principle of free enterprise | Everyone has the same legal rights
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| Private property rights - principle of free enterprise | People have the right to control their possessions and use then as they wish
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| Free contract- principle of free enterprise | People may decide what agreements they want to enter into
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| Voluntary exchange | 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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| Patriotism | Love of one's country
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| Eminent domain | The right of a government to take private property for public use
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| Public interest | The concerns of society as a whole
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| Public disclosure laws | Require companies to provide information about their products or services
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| Macroeconomics | Study of economic behavior and decision making in a nation's whole economy
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| Microeconomics | Study of economic behavior and decision making in small units, such as households
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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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| Business cycle | Pattern of expansion or contraction over a long period
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| Referendum | Proposed law submitted directly to the public
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| Obsolescence | Situation in whic older products and processes become out of date
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| Patent | Government license-gives the inventor or a new product exclusive rights to produce and sell it for a period of time
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| Copyright | Government license-grants an author exclusive rights to publich and sell his creative works for a period of time
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| Work ethic | Commitment to the value of work
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| Public good | Share good or service for which it would be inefficient or improactical to make consumers pay individually and to exclude those who did not pay
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| Private sector | Part of the economy that involves transactions of individuals and businesses
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| Infrastructure | Basic facilities taht are necessary for a society to funcion and grow-roads, bridges, sewer systems
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| Free rider | Someone who would not be willing to pay for a certain good or service, but would get the benefit of it anyway if it were provided as a public good
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| Market failure | Occurs when the free market operating, on its own, does not distribute resources efficiently
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| Externality | Economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume
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| Externalities are signs of... | Market failure
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| Welfare | Government aid to the poor
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| Cash transfers | Direct payments of money to poor, disagled, or retired people - TANF, Soc. Security, unemployment insurance, workers compensation
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| In-kind benefits | Goods and services provided for free or greatly reduced price
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| Freedom to buy and sell | People can decide, what, when, and how they want to buy and sell
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| Roles of consumer in Free enterprise system | Through voluntary exchange, consumers send a signal to businesses telling them what to produce and how much to make or what not to produce
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| How does the Constitution protect property rights? | Through the 5th and 14th Amendments to the Constitution
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| Define Promoting the public interest | Protect property rights, contracts and other business activities-protect us from economic problems that affect us all such as pollution, food safety, and safe medicine
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| Information provided by pubic discloser laws | Ingredients, directions, manufacturers name, address, phone number, expiration dates
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| How public health and safety are protected in America | *Set manufacturing standards *Require drugs be safe and effective *foods are safe *Package labels include expiration dates and how to operate safely
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| Problems created by government regulations | *Rules costly to implement *cuts into profits thus slowing growth *stifles competition *raises govern. spending
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| Three US goals to promote economic freedom | *High employment-Jobs for everyone *Growth-Each generations standard of living higher than the previous generation *Stability-keep prices and banking level
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| Government role in technology | Encourage innnovations and inventions
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| define American work ethic | Work hard and care about the quality of one's work
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| Regulatory agency | Government agencies that enforce ruled / laws to protect consumers and producers
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