Chapter 3 Section 1 Vocabulary
Definition
Description of how you would utilize it in your
business
Profit Motive: the force that encourages people
and organizations to improve their material wellbeing.
The force that I’m going to get is PETA and other
animal organizations to prove that we are the
best.
Open Opportunity: the concept that everyone can
compete in the marketplace.
I would compete with everyone else that has
organic products and that are also cruelty free.
Legal Equality: by giving everyone the same legal
rights, we allow everyone to complete in the
economic marketplace.
I would have business, therefore I would have the
legal equality of having been able to start a
business.
Private Property Rights: the concept that people
have the right and privilege to control their
possessions as they wish.
I can do and say anything to my products so that
the costumer will not want any other make-up
product. Basically talk it up more than its worth.
Free Contract: allows people to decide what
agreements they want to enter into.
I would get a contract with PETA and WWF to help
me with the whole animal thing.
Voluntary Exchange: allows people to decide what
and when they want to buy and sell, rather than
forcing them to buy or sell at particular times or at
specific prices.
My make-up would be available online and at
drugstores. Also big brand names places like
sepohra, target.
Competition: the rivalry among sellers to attract
I would have competition, but my products will
customers while lowering cost.
actually do as they say on the label. They would be
higher quality and less than the other brands.
Interest Group: private organization that tires to
PETA and WWF would help by spreading the word
persuade public officials to act or vote according to to the people that follow them.
the interest of the group’s members.
Public Disclosure Laws: require companies to give
consumers important information about their
product.
The important info I would have would be that
they are all organic products with no harsh
chemicals and that they are cruelty free which
means that my make-up line was not tested in
animals.
Public Interest: the concerns of the public as a
whole.
The biggest thing would be the organic part
because now a days people are really into that
whole thing of being organic.