Economics Ethics of Free Enterprise (2:3)

Ethics and Free Enterprise Ethics are principles of conduct Ethics are principles of conduct Right / Wrong Right / Wrong Moral / Immoral Moral / Immoral Good / Bad Good / Bad

What are the signs of an ethical economic system? Supporters of free enterprise: Supporters of free enterprise: An ethical system does not choose things for people An ethical system does not choose things for people People are free to choose their occupation, and don’t have to work at a job they hate People are free to choose their occupation, and don’t have to work at a job they hate

What are the signs of an ethical economic system? Supporters of free enterprise: Supporters of free enterprise: An ethical system produces a variety of goods and services that both the minority AND the majority want An ethical system produces a variety of goods and services that both the minority AND the majority want

What are the signs of an ethical economic system? Supporters of free enterprise: Supporters of free enterprise: An ethical system rewards and punishes producers economically An ethical system rewards and punishes producers economically

What are the signs of an ethical economic system? Supporters of free enterprise: Supporters of free enterprise: Supports the rights of the individual Supports the rights of the individual Many free enterprise ideas go hand in hand with democracy Many free enterprise ideas go hand in hand with democracy

What are the signs of an ethical economic system? Supporters of free enterprise: Supporters of free enterprise: Provides an opportunity for human growth Provides an opportunity for human growth Strengthen and develop abilities Strengthen and develop abilities

An Ethical Economic System 1. You can choose your own profession 1. You can choose your own profession 2. Produces things all people want 2. Produces things all people want 3. Producers of goods can be rewarded or punished based on their business practice 3. Producers of goods can be rewarded or punished based on their business practice 4. Allows individual freedoms 4. Allows individual freedoms 5. Individuals are allowed to strengthen and develop their abilities 5. Individuals are allowed to strengthen and develop their abilities

Economic Principles and Landmark Documents What do the Bill of Rights, the Declaration of Independence, and the Constitution have in common? What do the Bill of Rights, the Declaration of Independence, and the Constitution have in common?

Economics and Landmark Documents Many aspects of the paper foundation of the United States pertains to economics Many aspects of the paper foundation of the United States pertains to economics Competition Competition Private Property Private Property Choice Choice Freedom Freedom

Economic Rights and Responsibilities in Free Enterprise What are the responsibilities of persons in a free enterprise economy? What are the responsibilities of persons in a free enterprise economy?

Economic Rights and Responsibilities in Free Enterprise Honesty Honesty Used car salesmen Used car salesmen Private property Private property Using it only for legal purposes Using it only for legal purposes Traffic laws and regulations Traffic laws and regulations Crack houses Crack houses Competition Competition Compete in a truthful manner Compete in a truthful manner Rumor mill Rumor mill