Ch 3 Amer Free Enter Word Scramble
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| free enterprise | an economic system in which privately owned businesses have the freedom to operate for a profit with limited government 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 tangibles and intangible property |
| incentives | something that motivates |
| profit | difference between the revenue from sales and the full opportunity cost of resources involved in producting the sales |
| 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 from wood, peat, municipal solid waste, straw, corn tires, landfill gases, fish oils, and other waste. |
| Great Recession | severe economic downturn that lasted from late 2007 through mid-2009 |
| entrepreneur | risk-taking individual in search of profits; one of four factors of production |
| catalyst | something that stimulates activity among people of forces |
| consumer sovereignty | role of consumer as ruler of the market in determining the types of goods and services provided |
| regulator | someone or something that controls activities |
| 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 |
| 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 |
| inflation | rise in the general level of prices |
| fixed income | income that does not increase over time |
| accommodate | to allow for |
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