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Econ > Chapter 3 > Flashcards

Chapter 3 Flashcards

1
Q

Principles of free enterprise

A 
Profit motive (encourages to improve material well-being)
Open opportunity (everyone can compete in the marketplace)
Economic rights(same legal rights)
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2
Q

Public disclosure laws

A

Require companies to provide full information about their products

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3
Q

Public good

A

Share good or service for which it would be impractical to make customers pay individually and to exclude non-payers

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4
Q

Work ethic

A

Commitment to the value of work and purposeful activity

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5
Q

Technology

A

The process used to produce a good or service

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Econ (18 decks)

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