Chapter 3 Lesson 1-3 Vocabulary

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Across
  1. 4. an economic system combining private and public enterprise.
  2. 6. sustained rise in the general level of prices of goods and services.
  3. 8. a thing that motivates or encourages one to do something.
  4. 9. act of buyers and sellers freely and willingly engaging in market transactions.
  5. 10. an event or contest in which people compete.
  6. 12. concept or idea of fairness in economics, particularly in regard to taxation or welfare economics.
  7. 13. driving force that encourages people and organizations to improve their material well-being.
  8. 14. the total of all value added created in an economy.
Down
  1. 1. role of consumer as ruler of the market in determining the types of goods and services produced.
  2. 2. the lowest wage permitted by law or by a special agreement
  3. 3. federal programs of disability and retirement benefits that cover most working people.
  4. 5. income that does not increase overtime.
  5. 7. the fundamental right of every human to control his or her own labor and property.
  6. 11. when there is little to no change in the economy over a period of time.