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FREE ENTERPRISE SYSTEM
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What is the difference between open opportunity and legal equality?
Open opportunity allows people to participate in the market by free choice Legal equality-everyone has the same economic rights
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What besides profit, if anything, might motivate a person to start a business?
Non profits fulfill a social need and some people create enterprises for that as well
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What fads like the pet rock have you seen come and go?
Pokemon Tickle Me Elmo Cabbage Patch Kids Virtual Pets Beanie Babies Silly Bands
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Open opportunity: everyone has the ability to enter the market
List and explain the legal rights built into the free enterprise system. Open opportunity: everyone has the ability to enter the market Free contract: everyone has the right to decide which contracts they enter into Legal equality: everyone has the same economic rights
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Explain the chain and effect reactions since the mid-1990s that led to the lower book prices for American consumers. Small book stores 1995 Borders and Barnes & Noble compete Pass along major savings Amazon Lower prices; access to everything More websites
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FEATURES OF THE FREE ENTERPRISE SYSTEM:
1.) Owning private property is a basic freedom in the free enterprise system.
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2.) People and businesses are free to enter into a voluntary exchange agreement.
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3.) People are free to “vote with their dollars”.
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4.) People are free to start a business and or choose their career.
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5.) People are free to focus first on their own self-interest.
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6.) Little government interference.
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GOALS OF THE FREE ENTERPRISE SYSTEM:
1.) Maintain economic freedom!
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2.) Make the best use of scarce resources.
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3.) The government tries to ensure that every citizen shares in the benefits.
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4.) Economic stability – employment and stable prices.
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5.) Economic security (insurance)
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6.) Economic growth
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CAPITALISM AND FREEDOM FREE TO CHOOSE
MILTON FRIEDMAN MAJOR WORKS: CAPITALISM AND FREEDOM FREE TO CHOOSE BRIGHT PROMISES, DISMAL PERFORMANCES: AN ECONOMISTS PROTEST
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HIS BELIEFS ON GOV’T. ROLE:
MILTON FRIEDMAN HIS BELIEFS ON GOV’T. ROLE: MARKET SHOULD BE FREE TO OPERATE IN ALL FIELDS & PROFESSIONS (LAW, MEDICINE), CUTTING BACK ON REGULATIONS
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MILTON FRIEDMAN BELIEFS ON LICENSING: LOWERING THE LICENSING STANDARDS WILL BRING MORE OF THESE PROFESSIONS INTO THE MARKET
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MILTON FRIEDMAN ACCOMPLISHMENTS: ECONOMIC ADVISOR TO NIXON & REAGAN AND TO BRITISH PRIME MINISTER MARGARET THATCHER
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BIBLIOGRAPHY www.ctdol.state.ct.us www.filipspagnoli.wordpress.com
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