1. recognition of the fundamental worth and dignity of every
2. respect for the equality of all persons
3. faith in majority rule and an insistence upon minority rights
4. acceptance of the necessity of compromise
5. insistence upon the widest possible degree of individual
Free enterprise system: is an economic system characterized by the private ownership of capital goods, investments made by private decision, not by government directive, and success or failure determined by competition in the marketplace. The free enterprise system is based on four fundamental factors: 1. private ownership, 2. individual initiative, 3. profit, 4. competition.
Mixed economy: private enterprise exists in combination with a considerable amount of government regulation and promotion.
True or False The law of supply and demand states that when supplies of goods and services become plentiful, prices tend to drop.