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Principles of free market - Coggle Diagram
Principles of free market
Self-interest
Making economic decisons to promote own inerest
Human nature to look after yourself
Consumer gonna buy low price goods
Profit motive
Motivated to get things
Motivated to make more than they come with
Motivated to make money
Competition
Allows people to compete to make
the most money
the best deal
the best product
Voluntary exchange
allowed to buy and sell freely
can decide on prices without interference from government
Private property rights
No person shall be deprived of life, liberty,
property without deu process of law
No shall private property be taken for
public use without just compensation
people/businesses alowed to own property
people or the government cannot take it away
Intellectual property rights
Patents
Copyrights
Trademarks