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

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

4. 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

6. 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

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

8. Business Cycle

15. Alexander Graham Bell

16. Hasselhoff

18. Technology + Economics
Microsoft

19. Engineered Chicken

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

21. 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.