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Concepts of Democracy
Worth of the Individual-each person has worth and
Equality of Persons-“All men are created equal”
Majority Rule, Minority Rights-Majority may not
oppress the minority
Necessity of Compromise-people must work
Individual Freedom-people are free as far as the
freedom of all will allow
The Free Enterprise System
Free enterprise-economic system
characterized by private ownership of goods
and investments
Must have a commitment to individual
freedom to work
Private ownership
Investments made by private decision, not the
Continued…the Free Enterprise
System Characteristics
Success of businesses determined by
competition in the market
Four Characteristics of Free Enterprise
Private Ownership
Individual Initiative
Free Enterprise System (How it works)
Often called capitalism or private enterprise
People indirectly determine what is produced
not government
Production is directly based on supply and
Continued…How it works
When supply is plentiful prices drop, when scarce
prices rise
When demand is low prices drop, when high prices
Most democracies are free enterprise but they are not
the same thing:
Democracy is a political system
Free enterprise is an economic system
Both are based in individual freedom
Government and Free Enterprise
The basis of America’s system is the free
market, however, government does play a role
We have a mixed economy
A mixed economy exists when there is some
government regulation on the free enterprise
Government’s role in the economy is to
protect the public