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Economics Chapter 3

The American Free Enterprise System

TermDefinition
profit motive incentive to improve material well-being and is responsible for the growth of the free enterprise system
Competition the struggle among sellers to attract consumers with the best products and lowest prices.
entrepreneur person who organizes and manages land, labor, and capital.
A Mixed Economy or modified free enterprise economy is a combination of command traditional and market economies.
Economic equity it is illegal to discriminate on the basis of age, sex, race, religion, or disability in employment.
Minimum wage lowest legal wage that can be payed to most workers.
Social Security federal program of disability and retirement benefits that covers most working people
Modified free enterprise economy A market economy in which people freely carry on economic affairs but are subject to some government regulation
Created by: M1kvlo
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