Term
| How do private property rights serve as an incentive in a free enterprise economy? |
|
Definition
| Private property rights got added it was a huge incentive for people based on the fact that they can have their own property and can do whatever they want with it. To add to this people want and like freedom the more freedom they have usually the happier they are so when you add in the premise that they can have their own property which means they dont have to pay rent for I or follow anyone’s rules for it that’s going to be a huge incentive or the majority of the population. Especially for a free enterprise economy because if you can have a private property it means you dont have to worry about paying people above you for the property you have your business on. So it helps small businesses which help entrepreneurs which helps the economy. |
|
|
Term
| Why are entrepreneurs essential to the success of a free enterprise economy? |
|
Definition
| Entrepreneurs are an essential key to a free enterprise economy because there the ones that make new product ideas and make things better. This also makes things faster like the construction of the computer which makes communicating and getting things done way faster than it was years ago. This also leads to production time and if production time gets faster then the number of products made gets greater and if the need is high for that product then the amount sold is higher which adds money and money fluctuation into the economy, and why entrepreneurs are so important. |
|
|
Term
| Why might our economic goals change over time? |
|
Definition
Our economic goals might change over time because the needs of people and the number of people will also change over time. Along with the amount of product, we can make will change based on innovations that were created so the economic goals will also change over time.
|
|
|
Term
|
Definition
a variety of goods, freedom of choice with what to do for work and what to use your money on. He saw how many varieties of things there are. It always a variety of goods as well. |
|
|
Term
|
Definition
we expect some frictional unemployment there just changing jobs and structural unemployment. We expect 5% of people to be unemployed right now. |
|
|
Term
|
Definition
strat a long-term and short-term growth, Teddy Roosevelt started the national park system. Preservation national moments, national parks you can not touch the resources there. He was interested in it because of the long-term effect of resources and the future
Trade is win-win-both parties benefit |
|
|
Term
|
Definition
| fuel that can work off of biological things |
|
|
Term
|
Definition
a wage people get where they’re older for a living wage because they can’t work |
|
|
Term
|
Definition
the economic wealth is not always equally distributed
There is a big difference between the rich and the poor |
|
|
