Shared Flashcard Set

Details

ch3.sec1-4vocab Prentice Hall
N/A
14
Economics
12th Grade
02/27/2013

Additional Economics Flashcards

 


 

Cards

Term
profit motive
Definition
drives individuals and buisness owners to improve their material well-being.
Term
open opportunity
Definition
the principle that anyone can compete in the marketplace
Term
legal equity
Definition
the principle that eveyone has the same legal rights
Term
private property rights
Definition
Term
open opportunity
Definition
the principle that anyone can compete in the marketplace
Term
legal equity
Definition
the principle that eveyone has the same legal rights
Term
private property rights
Definition
the principle that people have the right to control their possessions and use them as they wish
Term
free contract
Definition
the principle that people may decide what agreements they want to enter into
Term
voluntary exchange
Definition
the principle that people may decide what, when and how they want to buy and sell
Term
open opportunity
Definition
the principle that anyone can compete in the marketplace
Term
legal equity
Definition
the principle that eveyone has the same legal rights
Term
private property rights
Definition
the principle that people have the right to control their possessions and use them as they wish
Term
free contract
Definition
the principle that people may decide what agreements they want to enter into
Term
voluntary exchange
Definition
the principle that people may decide what, when and how they want to buy and sell
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