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Chapter 3 vocabulary

Economics

QuestionAnswer
Free enterprise An economic system in which privately owned bussiness have freedom to operate for a profit with limited gov intervention
Voluntary exchange Act of buyers and sellers freely and willingly engaging in market transactions; a characteristic of capitalism and free enterprise
Private property rights fundamental feature of capitalism, which allows individuals to own and control their possessions as they wish, includes both tangible and intangible property
Incentive
Profit
Profit motive Driving force that encourages people and organizations to improve their material well-being; characteristic of capitalism and free enterprise
Competition The struggle among sellers to attract consumers
Biofuels Fuel made form wood, peat, municipal solid waste, straw, corn, tires, landfill gases, fish oils, and other waste
Great Recession Serve economic downturn that lasted from late 2007 through the mid-2009
inflation sustained rise in the general level of prices of goods and services
fixed income income that does not increase over time
consumer sovereignty role of consumer as ruler of the market in determining the types of goods and services produced
mixed economy economic system that has some combination of traditional, command, and market economies
modified free enterprise economy free enterprise market economy where people carry on their economic affairs freely, but are subject to some government intervention and regulation
entrepreneur risk taking individual in search of profits; one of four factors of production
catalyst something that stimulates activity among people or forces.
minimum wage lowest legal wage that can be paid to most workers
adverse unfavorable or harmful
social security federal program of disability and retirement benefits that covers most working people
Medicare federal health insurance program for senior citizens, regardless of income
Created by: murphy1717
 

 



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