Basic Characteristics of Free Enterprise
The right of free contract, allows people to decide what agreements to enter.
What is Economic Freedom?
The principle that people may decide what agreements they want to enter into.
What is free contract?
This person has economic freedom to make their own choices, and send signals to businesses telling them what and how much to produce or if a good or service is not desirable.
What is a consumer?
Cornerstone of free enterprise, give people the right to control their possessions and use them as they wish.
What is private property rights?
The principle that people may decide what, when, and how they want to sell.
What is voluntary exchange?
This person decides how to combine resources to create new jobs and services and they seek to make profits.
What is an entrepreneur?
Principle that everyone has the same legal rights.
A private organization that tries to persuade public officials to act in ways that benefit its members.
What is interest group?
They carry out its constitutional responsibilities to protect property rights, contracts, and other business activities.
What is the government?
Drives individuals and businesses to make decisions that improve their material well-being.
What is profit motive?
The right of the government to take private property for public use.
What is eminent domain?
Laws required companies to provide information to consumers about their products and services.
What is public disclosure laws?
Serves to regulate the free market,by keeping prices form rising too high, and in this way it benefits consumers and producers.
What is competition?
The concerns of society as a whole.
What is public interest?
A love of one's country.
What is patriotism?