Chapter 3 The American Free Enterprise System
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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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
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| voluntary exchange | act of buyers and sellers freely and willingly engaging in market transactions; a characteristic of capitalism and free enterprise
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| 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
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| incentives | something that motivates
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| profit | difference between the revenue from sales and the full opportunity cost of resources involved in producting the sales
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| profit motive | driving force that encourages people and organizations to improve their material well-being; characteristic of capitalism and free enterprise
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| competition | the struggle among sellers to attract consumers
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| biofuels | fuel made from wood, peat, municipal solid waste, straw, corn tires, landfill gases, fish oils, and other waste.
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| Great Recession | severe economic downturn that lasted from late 2007 through mid-2009
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| entrepreneur | risk-taking individual in search of profits; one of four factors of production
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| catalyst | something that stimulates activity among people of forces
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| consumer sovereignty | role of consumer as ruler of the market in determining the types of goods and services provided
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| regulator | someone or something that controls activities
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| mixed economy | economic system that has some combination of traditional, command, and market economies
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| 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
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| minimum wage | lowest legal wage that can be paid to most workers
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| adverse | unfavorable or harmful
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| Social Security | federal program of disability and retirement benefits that covers most working people
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| Medicare | federal health insurance program for senior citizens, regardless of income
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| inflation | rise in the general level of prices
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| fixed income | income that does not increase over time
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| accommodate | to allow for
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