Chapter 3 American Free Enterprise Section 1 Section

Benefits of Free Enterprise Economic Freedom Competition Private Property Contracts Self-Interest Profit Motive

Terms • Profit Motive-eagerness for $$$$ • Open Opportunity-everyone can compete in the marketplace

More Terms to Know • Interest Group: organizations that try to persuade public officials

Growth & Stability • GDP-Gross Domestic Product-the total value of all goods and services

Public Goods • Public Good-a shared good or service that would be impractical to

Terms • Public Sector-part of the economy that involves transactions of the gov’t. •

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Chapter 3 • American Free Enterprise – Section 1: – Section 2: – Section 3: – Section 4: Benefits of Free Enterprise Promoting Growth & Stability Providing Public Goods Safety Nets

Benefits of Free Enterprise Economic Freedom Competition Private Property Contracts Self-Interest Profit Motive

Terms • Profit Motive-eagerness for $$$$ • Open Opportunity-everyone can compete in the marketplace • Legal Equality-same rights for all • Private Property • Free Contract-enter into agreements • Voluntary Exchange • Competition

More Terms to Know • Interest Group: organizations that try to persuade public officials to act or vote according to their interests. • Public Disclosure Laws: food labels

Growth & Stability • GDP-Gross Domestic Product-the total value of all goods and services that a country produces

Business Cycle

Alexander Graham Bell

Hasselhoff

Technology + Economics • Microsoft

Engineered Chicken

Public Goods • Public Good-a shared good or service that would be impractical to make consumers pay individually for. – Examples? ? ?

Terms • Public Sector-part of the economy that involves transactions of the gov’t. • Private Sector-part of the economy that involves transactions of individuals and businesses. • Free Rider-a mooch, someone who would choose not to pay for goods and services but enjoys the benefits of them anyway.