1. FREE ENTERPRISE SYSTEM

2. What is the difference between open opportunity and legal equality?
Open opportunity allows people to participate in the market by free choice
Legal equality-everyone has the same economic rights

3. What besides profit, if anything, might motivate a person to start a business?
Non profits fulfill a social need and some people create enterprises for that as well

4. What fads like the pet rock have you seen come and go?
Pokemon
Tickle Me Elmo
Cabbage Patch Kids
Virtual Pets
Beanie Babies
Silly Bands

5. Open opportunity: everyone has the ability to enter the market
List and explain the legal rights built into the free enterprise system.
Open opportunity: everyone has the ability to enter the market
Free contract: everyone has the right to decide which contracts they enter into
Legal equality: everyone has the same economic rights

6. Explain the chain and effect reactions since the mid-1990s that led to the lower book prices for American consumers.
Small book stores
1995 Borders and Barnes & Noble compete
Pass along major savings
Amazon
Lower prices; access to everything
More websites

7. FEATURES OF THE FREE ENTERPRISE SYSTEM:
1.) Owning private property is a basic freedom in the free enterprise system.

8. 2.) People and businesses are free to enter into a voluntary exchange agreement.

9. 3.) People are free to “vote with their dollars”.

10. 4.) People are free to start a business and or choose their career.

11. 5.) People are free to focus first on their own self-interest.

12. 6.) Little government interference.

13. GOALS OF THE FREE ENTERPRISE SYSTEM:
1.) Maintain economic freedom!

14. 2.) Make the best use of scarce resources.

15. 3.) The government tries to ensure that every citizen shares in the benefits.

16. 4.) Economic stability – employment and stable prices.

17. 5.) Economic security
(insurance)

18. 6.) Economic growth

19. CAPITALISM AND FREEDOM FREE TO CHOOSE
MILTON FRIEDMAN
MAJOR WORKS:
CAPITALISM AND FREEDOM
FREE TO CHOOSE
BRIGHT PROMISES, DISMAL PERFORMANCES: AN ECONOMISTS PROTEST

20. HIS BELIEFS ON GOV’T. ROLE:
MILTON FRIEDMAN
HIS BELIEFS ON GOV’T. ROLE:
MARKET SHOULD BE FREE TO OPERATE IN ALL FIELDS & PROFESSIONS (LAW, MEDICINE), CUTTING BACK ON REGULATIONS

21. MILTON FRIEDMAN
BELIEFS ON LICENSING:
LOWERING THE LICENSING STANDARDS WILL BRING MORE OF THESE PROFESSIONS INTO THE MARKET

22. MILTON FRIEDMAN
ACCOMPLISHMENTS:
ECONOMIC ADVISOR TO NIXON & REAGAN AND TO BRITISH PRIME MINISTER MARGARET THATCHER

23. BIBLIOGRAPHY www.ctdol.state.ct.us www.filipspagnoli.wordpress.com