Market Economy

Voluntary exchange

________: when a buyer and seller agree to do business together business together, each believes that the benefits outweigh the costs.

Specialization

________: buyers and sellers are able to concentrate their efforts in areas where they have an advantage.

Consumer sovereignty

________: buyers can exercise their dominance over what is produce by freely deciding whether to buy or not buy.

Legal equality

________: everyone should have the same economic rights under the law.

Competition

________: sellers are free to attempt to get the business of others by offering the best deal.

Profit

________: sellers are free to attempt to maximize their ________.

Government involvement

________: buyers and sellers must be free to operate with minimal government intervention.

Free contact

________: everyone should have the right to decide for themselves which legal economic agreements they want to enter into.

Private property

________: buyers and sellers are free own and use private property.

Private property

buyers and sellers are free own and use private property

Specialization

buyers and sellers are able to concentrate their efforts in areas where they have an advantage

Consumer sovereignty

buyers can exercise their dominance over what is produce by freely deciding whether to buy or not buy

Competition

sellers are free to attempt to get the business of others by offering the best deal

Profit

sellers are free to attempt to maximize their profits

Voluntary exchange

when a buyer and seller agree to do business together business together, each believes that the benefits outweigh the costs

Government involvement

buyers and sellers must be free to operate with minimal government intervention

Open opportunity

everyone should have the ability to enter and compete in any marketplace

Free contact

everyone should have the right to decide for themselves which legal economic agreements they want to enter into

Legal equality

everyone should have the same economic rights under the law