Chapter 3 Section 3: Ethics
An ethical economic system should have four characteristics. Supporters of free enterprise say that the free enterprise economic system has these characteristics
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I. Ethics and free enterprise
1. Allow individuals to _____ their own occupations or professions *
1 point
Produce the goods and services preferred by both the majority and the ________ *
1 point
3. ________ (or _______) producers according to how well (or poorly) they respond to the preferences of the buying public. *
1 point
Provide people with numerous freedoms, including the freedom to work where they want to, the freedom to start their own business if they want, the freedom to acquire property, the freedom to buy and sell the goods they want to buy and sell, and the freedom to fail
II. Economic ________ in Key Documents *
1 point
Bill of Rights shows a high regard for private property!
The Declaration of Independence encourages free ________ an essential ingredient of free enterprise *
1 point
The Constitution preserves competition- an important feature of free enterprise - by denying states the right to tax each other's goods
III. Economic Rights and Responsibilities in a Free Enterprise Economy
People have a responsibility to compete in truthful, legitimate manner.
1. The right to voluntary exchange comes with the responsibility to give the other person accurate _____ about what is being exchanged *
1 point
2. The right to private property comes with the responsibility of using one's property only for _____ purposes *
1 point
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