Ch 3 Vocab

profit motive

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Terms in this set (13)

the force that encourages people and organizations to improve their material well-being

the concept that people may decide what agreements they want to enter into

voluntary exchange

the concept that people may decide what and when they want to buy and sell

the rivalry among sellers to attract customers while lowering costs

a private organization that tries to persuade public officials to act or vote according to group members' interests

public disclosure laws

law requiring companies to provide full information about their products

public interest

the concerns of the public as a whole

the study of the behavior and decision making of entire economies

the study of the economic behavior and decision making of small units, such as individuals, families, and businesses

Gross Domestic Product (GDP)

the total value of all final goods and services produced in a particular economy