Chapter 3 Flashcards

(5 cards)

1
Q

Profit

A

Financial gain a seller makes from a business transaction

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2
Q

Public goods

A

Goods and services provided by the government and consumed by the public as a group

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3
Q

Free rider

A

Person who does not pay for a good or service but who benefits from it when it is provided.

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4
Q

Public safety net

A

In notes

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5
Q

Free contract

A

People decide for themselves which legal agreements to enter into

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