Free Enterprise System

Front

This is the social & political commitment & freedom to start their own businesses & compete.

Back

free enterprise system

Front

True or False: The government can't take your property without just compensation.

Back

True

Front

The driving force behind people going into business is

Back

profit motive

Front

This concept insures that everyone can compete in the marketplace by opening a business:

Back

open opportunity

Front

The concept of giving everyone the same legal rights, equal protections & due process of law.

Back

legal equality

Front

The concept that people have the right and privilege to control their possessions as they wish.

Back

private property

Front

The concept that people may decide what and when they want to buy and sell goods & services

Back

voluntary exchange

Front

The rivalry between sellers to get more customers by lowering costs & better goods/services

Back

competition

Front

This is the study of the behavior/decision making of entire economies, not individuals.

Back

macroeconomics

Front

A period of macroeconomic expansion followed by a period of contraction.

Back

business cycle