Market Economic Systems
Our nation’s founders believed that individuals should have freedom of choice. They defined rights that are central to our society. For example, in the United States, we have the freedom to elect the people who represent us in our government. We have the freedom to make decisions about where we work and how we spend our money. Workers have the freedom to organize and negotiate with business, as part of the labor union. Consumers have the freedom to purchase goods and services and to invest money in banks or businesses.
Key Terms:
Free Enterprise System
Patent
Trademark
Copyright
Competition
Price Competition
Nonprice Competition
Monopoly
Business Risk
Profit
Supply
Demand
Key Terms:
Free Enterprise System
Patent
Trademark
Copyright
Competition
Price Competition
Nonprice Competition
Monopoly
Business Risk
Profit
Supply
Demand
Objectives:
*The basic principles of a free enterprise system
*The role of competition
*The importance of risk and profit
*The theory of supply and demand