ECON 2 Lecture Notes - Lecture 3: Eminent Domain, Economic Freedom, False Advertising
11 May 2020
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Document Summary
Basic principles of free enterprise: land of opportunity , the u. s. enjoys many advantages in resources: open land, natural resources, labor supply, profit motive drives individuals and businesses to make decisions that improve their material well-being. The right of voluntary exchange allows people to decide what, when, and how they want to buy and sell. The role of the consumer: consumer has the freedom to make their own economic choices, interest group private organization that tries to persuade public officials to act in ways that benefit its members. Promoting growth and stability: tracking economic data is none tool the government uses to promote growth and stability. Promoting economic strength: employment, in the u. s. , many economist consider unemployment between 4%- 6% to be a sign of a healthy economy: to enjoy a higher standard of living we need economic growth, one indicator of economic stability is the general level of prices (higher prices = reduced spending).
