Rules, Rights & Justice
Laws should protect these three things?
What are life, liberty, and property?
When both people benefit from trade, this is happening.
What is voluntary exchange?
These shape the future of society more than anything else.
What are ideas?
Owning what you earn is called this.
What are property rights?
This economist is known for the “invisible hand.”
Who is Adam Smith?
Taking from some people to give to others through law is called this?
What is legal plunder?
This system controls money and banking in the U.S.
What is the Federal Reserve?
Freedom allows people to do this instead of depend on others.
What is create?
Choosing one thing means giving up another—this is called what?
What is opportunity cost?
This thinker wrote The Law.
Who is Frédéric Bastiat?
Government gets its power from the people—this is called what?
What is consent of the governed?
Prices rise when demand is high and supply is low—this happens.
What is increase?
Society improves when people pursue their own goals—this idea is called what?
What is the invisible hand?
Working together voluntarily is called this.
What is cooperation?
This philosopher wrote about natural rights like life and liberty.
Who is John Locke?
This document declared independence from Britain.
What is the Declaration of Independence?
This idea explains how markets work without a central planner.
What is spontaneous order?
Innovation increases when people are free to do this.
What is think and create freely?
This rule says treat others how you want to be treated.
What is the Golden Rule?
This economist warned about the dangers of central planning.
Who is Friedrich Hayek?
Analyze how laws that redistribute wealth can shift the role of government away from protection and toward control.
What is that such laws expand government power beyond protection of rights and can weaken individual liberty and incentives?
Explain how distorted price signals from central monetary control can impact decision-making across an entire economy.
What are the inaccurate prices that lead to poor investment decisions, shortages, surpluses, and economic instability?
Evaluate how decentralized decision-making improves adaptability in complex systems compared to centralized planning.
What is that decentralized systems respond faster using local knowledge and feedback, while centralized systems struggle with information delays and complexity?
Analyze how weakening property rights can change incentives and long-term economic behavior.
What is that it reduces investment, care of resources, and innovation while increasing waste and conflict?
This economist explained why socialism struggles without price signals and economic calculation.
Who is Ludwig von Mises?