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Free Enterprise (Basic Principles (Private property rights, Legal…
Free Enterprise
Basic Principles
Private property rights
Legal equality
Open opportunity
Free contract
Profit Movie
Voluntary exchange
Competition
GDP
total value of all final goods and services produced
business cycle
Macroeconomics
Government's role
Public Disclosure Laws
require companies to provide consumers with important information about their products
Public Interest
State and federal governments involve in public as a whole.
fighting poverty
Welfare
by the federal government
public goods
free rider
funded by the public sector
Consumer’s Role
make their desires known by joining interest groups
market failure
occurs when there is an inefficient allocation of resources in a free market