Chapter 3 The American Free Enterprise System
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| free enterprise | show 🗑
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| show | act of buyers and sellers freely and willingly engaging in market transactions; a characteristic of capitalism and free enterprise
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| show | 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 | show 🗑
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| profit | show 🗑
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| profit motive | show 🗑
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| show | the struggle among sellers to attract consumers
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| show | fuel made from wood, peat, municipal solid waste, straw, corn tires, landfill gases, fish oils, and other waste.
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| show | severe economic downturn that lasted from late 2007 through mid-2009
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| entrepreneur | show 🗑
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| catalyst | show 🗑
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| consumer sovereignty | show 🗑
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| regulator | show 🗑
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| mixed economy | show 🗑
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| modified free enterprise economy | show 🗑
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| show | lowest legal wage that can be paid to most workers
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| adverse | show 🗑
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| Social Security | show 🗑
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| show | federal health insurance program for senior citizens, regardless of income
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| show | rise in the general level of prices
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| show | income that does not increase over time
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| accommodate | show 🗑
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