profit motive:, the incentive that drives individuals and business owners., open opportunity:, the principle that anyone can compete in the marketplace., legal equality:, the principle that everyone has the same legal rights., private property rights:, the principle that people have the right to control their possessions and use them as they wish., free contract:, the principle that people may decide what agreements they want to enter into., voluntary exchange:, the principle that people may decided what, what when, and how they want to buy and sell., interest group:, a private organization that tries to persuade public officals to act in ways that benefit its members., patriotism:, love of one’s country, eminent domain:, the right of a government to take private property for public use., public interest:, the concerns of society as a whole., public discourse laws:, laws requiring companies to provide information about their products and services.
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Chapter 3
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Economics
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