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