2.5 Benefits of Free Enterprise
interest group
a private organization that tries to persuade public officials to act in ways that benefit its members
public interest
concerns of society as a whole
public disclosure laws
laws requiring companies to provide information to consumers about their products and services
patriotism
love of one's country
macroeconomics
study of economic behavior and decision-making of nations, whole economies
microeconomics
study of economic behaviors and decision-making in small units such as households and firms
profit motive
the incentive that drives individuals and business owners to improve their material well-being
eminent domain
the night of the government to take private property for public use
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 decide what, when, and how they want to buy and sell