Economics

Card Set Information

Author:
benmfox
ID:
3190
Filename:
Economics
Updated:
2009-12-15 20:44:17
Tags:
7 Major Sources of Economic Progress
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Description:
7 Major sources of economic progress
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  1. 1
    legal system protects private property
  2. 2
    competition promotes efficient use of resources and creates improvements
  3. 3
    policies that reduce trade are bad
  4. 4
    a nation must have a mechanism that gives out capital into wealth-creating projects
  5. 5
    inflation is bad must have stable policies
  6. 6
    people will produce more when they can keep more of what they earn
  7. 7
    a nation progresses by selling stuff that is easy to produce for a high price and buying stuff that is harder to produce and cheaper

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