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Economics Chapter 3
The American Free Enterprise System
Term | Definition |
---|---|
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 |