Economics Chapter 3

5. Lowest legal wage that can be paid to most workers
6. Federal health insurance program for senior citizens, regardless of income
7. Role of consumer as ruler of the market in determining the types of goods and services produced
11. Free enterprise market economy where people carry on the economic affairs freely, but are subject to some government intervention and regulation
12. Driving force that encourages people and organizations to improve their mental well-being
13. Rise in the general level of prices
14. Severe economic downturn that lasted from late 2007 through mid-2009
16. Act of buyers and sellers freely and willingly engaging in market transaction
17. Federal program of disability and retirement benefits that covers most working people

1. Risk-taking individual in search of profits
2. Economic system that has same combination of traditional, command, and market economies
3. The struggle among sellers to attract customers
4. Income that does not increase over time
8. An economic system in which privately owned businesses have the freedom to operate for a profit with limited governemtn intervention
9. Fuel made from wood, peat, municipal solid waste, straw, corn, tires, landfill gases, fish oils, and other waste
10. Fundamental feature of capitalism, which allows individuals to own and control their possesions as they wish
15. Difference between tje revenue from sales and the full opportunity cost of resources involved in producing the sales