Freedom to Choose our Business
The concept that everyone can compete in the marketplace
Open Opportunity
are the legal rights that entities have on a thing or creature they own.
Private Property Rights
the desire for financial gain as an incentive in economic activity.
Profit Motive
is a condition where different economic firms seek to obtain a share of a limited good by varying the elements of the marketing mix: price, product, promotion and place.
Competition
laws requiring companies to provide full information about their products.
Public Disclosure Laws
The act of buyers and sellers freely and willingly engaging in market transactions
Voluntary Exchange
the concept that people may decide what agreements they want to enter into.
Free Contract
an organization of people who share a common interest and work together to protect and promote that interest by influencing the government.
Interest Group
the broadest quantitative measure of a nation's total economic activity.
GDP
welfare of the general public.
Public Interest
studies the behavior and performance of an economy as a whole
Macroeconomics
belief that hard work and diligence have a moral benefit and an inherent ability.
Work Ethic
increase in the efficiency of a product or process that results in an increase in output, without an increase in input.
Technology
portion of an economic system that is controlled by national, state or provincial, and local governments.
Public Sector
dollar amounts set by the U.S. government to indicate the least amount of income a person or family needs to meet their basic needs
Poverty Threshold
the study of individuals, households and firms' behavior in decision making and allocation of resources
Microeconomics
part of a country's economic system that is run by individuals and companies, rather than the government.
Private Sector
an economic term referring to a cost or benefit incurred or received by a third party.
Externality
the economic situation defined by an inefficient distribution of goods and services in the free market
Market Failure
how well people are doing.
Welfare
The exchange of goods or services for other goods or services with no medium of exchange
In-Kind Benefits
a good that is both non-excludable and non-rivalrous in that individuals cannot be excluded from use or could be enjoyed without paying for it
Public Good
the downward and upward movement of gross domestic product (GDP) around its long-term growth trend.
Business Cycle
a person who benefits from something without expending effort or paying for it.
Free Rider
defined as the provision of assistance in the form of cash to the poor or to those who face a probable risk of falling into poverty in the absence of the transfer.
Cash Transfers