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Ch 3 Amer Free Enter

Chapter 3 The American Free Enterprise System

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
Created by: PeaceIDABaker
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