Question: private property

Answer: owning something gives you the right to buy and sale it. Profit would be impossible without the right to own property. (“Property” here means both tangible items and land.)

Question: incentives/self-interest

Answer: people’s own self interest motivates them to produce, in the hope of making a profit, self Interest is also an incentive for consumers, who seek to fulfill their wants and needs at the best price possible

Question: competition

Answer: producers compete with each other for profit by trying to produce goods and services that will be most detractive to consumers. This leads to innovations (inivations) and better prices

Question: market and prices

Answer: buyers and sellers freely exchange goods and services on the over market. the market forces of supply and demand determine what prices will be

Question: freedom of choice

Answer: people are free to choose what to produce and what to consume. the choices producers and consumers make determines what goods and services are available

Question: limited government role

Answer: the government does not make rules about what and how much gets produced. The government’s main role is to make sure the market is fair and producers have a chance to profit