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16 Cards in this Set
- Front
- Back
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Profit Motive
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the force that encourages people and organizations to improve their material well-being
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open opportunity
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the concept that everyone can compete in the maketplace
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legal equality
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the concept giving everyone the same legal rights
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private property rights
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the concept that people have the right and privilage to control their possessions as they wish.
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free contract
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the concept that people may decide what agreements they want to enter into.
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Voluntary exchange
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the concept that people may decide what and when they want to buy and sell
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Competition
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the rivalry among sellers to attract customers while lowering costs
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intrest group
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a private organization that tries to persuade public officials to act or vote according to group members' intrests.
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public disclousre laws
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laws requiring companies to provide full information about their products
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public intrest
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the concerns of the public as a whole
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macroeconomics
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the study of behavior and decision making of entire economics
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microeconomics
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the study of tthe economic behavior and decision making of small units, such as individuals, families, and businesses.
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gross domestic product (GDP)
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the total value of all goods and services produced in a particular economy
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Business cycle
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a period of macroeconmic expansion followed by a period of contraction.
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work ethic
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a commitment to the calue of work and purposeful activity
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technology
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the process used to produce a good or servic
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