free enterprise system. what is the difference between open opportunity and legal equality? open...

FREE ENTERPRISE SYSTEM

What is the difference between open opportunity and legal equality?

•Open opportunity allows people to participate in the

market by free choice• Legal equality-everyone has

the same economic rights

What besides profit, if anything, might motivate a person to start a business?

•Non profits fulfill a social need and some people

create enterprises for that as well

What fads like the pet rock have you seen come and go?

• Pokemon• Tickle Me Elmo

• Cabbage Patch Kids• Virtual Pets• Beanie Babies• Silly Bands

List and explain the legal rights built into the free enterprise system.

• Open opportunity: everyone has the ability to enter the market• Free contract: everyone has the right

to decide which contracts they enter into• Legal equality: everyone has the

same economic rights

Explain the chain and effect reactions since the mid-1990s that led to the lower book

prices for American consumers.

Small book stores

1995 Borders and

Barnes & Noble

compete

Pass along major

savings

AmazonLower prices;

access to everything

More websites

FEATURES OF THE FREE ENTERPRISE SYSTEM:

1.) Owning private property is a basic freedom in the free enterprise system.

2.) People and businesses are free to enter into a voluntary exchange agreement.

3.) People are free to “vote with their dollars”.

4.) People are free to start a business and or choose their career.

5.) People are free to focus first on their own self-interest.

6.) Little government interference.

GOALS OF THE FREE ENTERPRISE SYSTEM:

1.) Maintain economic freedom!

2.) Make the best use of scarce resources.

3.) The government tries to ensure that every citizen shares in the benefits.

4.) Economic stability – employment and stable prices.

5.) Economic security (insurance)

6.) Economic growth

MILTON FRIEDMAN

MAJOR WORKS:CAPITALISM AND FREEDOM

FREE TO CHOOSEBRIGHT PROMISES, DISMAL

PERFORMANCES: AN ECONOMISTS PROTEST

www.sodahead.com

MILTON FRIEDMAN

HIS BELIEFS ON GOV’T. ROLE:MARKET SHOULD BE FREE TO

OPERATE IN ALL FIELDS & PROFESSIONS (LAW,

MEDICINE), CUTTING BACK ON REGULATIONS

www.another-green-world.blogspot.com

MILTON FRIEDMAN

BELIEFS ON LICENSING:LOWERING THE LICENSING

STANDARDS WILL BRING MORE OF THESE PROFESSIONS

INTO THE MARKET

www.distributedrepublic.net

MILTON FRIEDMAN

ACCOMPLISHMENTS:ECONOMIC ADVISOR TO

NIXON & REAGAN AND TO BRITISH PRIME MINISTER

MARGARET THATCHER

www.kitmantv.blogspot.com

BIBLIOGRAPHYwww.ctdol.state.ct.uswww.filipspagnoli.wordpress.comwww.amazon.comwww.couponcravings.comwww.earth-health.blogspot.comwww.nydailynews.comwww.seekingalpha.comwww.american.com