Lecture 19 & 20 (market process & institutions)

Why did Watts even bring up George Washington in the lecture?

Washington could have ruled for life. Instead, he retired and set a precedent for peaceful, democratic transfer of power

In economics, we assume entrepreneurs are mainly motivated by the public interest.

Countries with lower corruption levels also have lower GDP per capita.

Competition among businesses promotes:

Which statement best represents the income statement?

The US legal system is based on:

Ludwig von Mises claimed that socialism can't work due to a lack of property rights.

Which financial statement is most important to entrepreneurship, according to Watts?

Which institution, when functioning well, reduces the use of violence in settling disputes?

Profits are a ______ to entrepreneurs, while losses are a ______. This results in strong incentives for value creation.

Which includes the "three I's" of prices?

Which list includes all of the "institutions that matter" noted in the institutions lecture?