Market Economy
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19 Terms
1
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Voluntary exchange
________: when a buyer and seller agree to do business together business together, each believes that the benefits outweigh the costs.
2
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Specialization
________: buyers and sellers are able to concentrate their efforts in areas where they have an advantage.
3
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Consumer sovereignty
________: buyers can exercise their dominance over what is produce by freely deciding whether to buy or not buy.
4
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Legal equality
________: everyone should have the same economic rights under the law.
5
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Competition
________: sellers are free to attempt to get the business of others by offering the best deal.
6
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Profit
________: sellers are free to attempt to maximize their ________.
7
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Government involvement
________: buyers and sellers must be free to operate with minimal government intervention.
8
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Free contact
________: everyone should have the right to decide for themselves which legal economic agreements they want to enter into.
9
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Private property
________: buyers and sellers are free own and use private property.
10
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Private property
buyers and sellers are free own and use private property
11
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Specialization
buyers and sellers are able to concentrate their efforts in areas where they have an advantage
12
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Consumer sovereignty
buyers can exercise their dominance over what is produce by freely deciding whether to buy or not buy
13
New cards
Competition
sellers are free to attempt to get the business of others by offering the best deal
14
New cards
Profit
sellers are free to attempt to maximize their profits
15
New cards
Voluntary exchange
when a buyer and seller agree to do business together business together, each believes that the benefits outweigh the costs
16
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Government involvement
buyers and sellers must be free to operate with minimal government intervention
17
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Open opportunity
everyone should have the ability to enter and compete in any marketplace
18
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Free contact
everyone should have the right to decide for themselves which legal economic agreements they want to enter into
19
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Legal equality
everyone should have the same economic rights under the law
Flashcards (20)