Economics Chp. 2 (2)
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came up the term utilitarianism
John Stuart Mill (1806-1873)
Society should adopt policies that provide the greatest amount of happiness to the greatest number of people
Utility (in economics)
The free exchange of goods and services between buyers and sellers
French term meaning "let the people do as they chose"
Hands off policy
Refers to how much the government should be involved in a capitalistic or market economic system
Freedom of Enterprise
Individuals are free to own the factors of production and determine how they will use the resources available to them within legal limits
Freedom of Choice
Buyers decide what they want and are willing to buy and what cost
The desire of a product to make money
Revenue minus expenses
- Rivalry among producers of similar good and or services to gain business
- (Ex: McDonald's vs Burger King)
Individuals can purchase their own land; a factor of production
What would you like to do?
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