Chapter 3 Economics Vocab

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Across
  1. 2. income that does not increase over time
  2. 3. rise in the general level of prices
  3. 4. act of buyers & sellers freely & willingly engaging in market transaction; a characteristic of capitalism & free enterprise
  4. 6. an economic system in which privately owned businesses have the freedom to operate for a profit with limited government intervention
  5. 8. federal program of disability & retirement benefits that cover most working people
  6. 9. federal health insurance program for senior citizens, regardless of income
  7. 10. severe economic downturn that lasted from late 2007 through mid-2009
  8. 12. driving force that encourages people & organization to improve their material well-being; characteristic of capitalism & free enterprise
  9. 13. fuel made from wood, peat, municipal solid waste, straw, corn, tires, landfill gases, fish oils, & other wastes
  10. 14. fundamental feature of capitalism, which allows individuals to own & control their possessions as hey wish; includes both tangible & intangible property
  11. 15. role of the consumer as ruler of the market in determining the types of goods & services produced
  12. 16. lowest legal wage that can be paid to most workers
Down
  1. 1. free enterprise market economy where people carry on their economic affairs freely, but are subject to some government intervention & regulation; also see mixed economy
  2. 5. risk-taking individual in search of profits; one of the 4 factors of production
  3. 7. the struggle among sellers to attract consumers
  4. 9. economic system that has some combination of traditional, command, & market economonies; also see modified free enterprise economy
  5. 11. difference between the revenue from sales & the full opportunity cost of resources involved in producing the sales