Economics Chapter 3 vocab

4. Role of consumer as ruler of the market in determining the type of goods and services produced
5. income that does not increase over time
8. The struggle among sellers to attract consumers
9. Risk taking individual in search of profits; one of four factors of production
10. Federal Health insurance program for senior citizens regardless of income
13. Fundamental feature of capitalism which allows indivduals to own and control their possessions as they wish; includes both tangible and intangible property
15. Driving force that encourages people and organizations to improve their material well-being; characteristic of capitalism and free enterprise
16. Economic system that has some combination of traditional, command, and market economies

1. Fuel made from wood, peat, municipal, soild waste, straw, corn, tires, landfill gases, fish oils, and other waste
2. Free enterprise market economy where people carry on their economic affairs freely, but are suject to some government intervention and regulation
3. Rise in general level of prices
6. Lowest legal wage that can be paid to most workers
7. An economic system in which privatley owned businesses have the freedom to operate for a profit with limited government intervention
11. Recession Severe economic downturn that lasted late 2007 to mid 2009
12. Act of buyers and sellers freely and willingly engaging in market transactions; a characteristic of capitalism and free enterprise
14. Difference between the revenue from sales and the full oportunity cost of resources involved in producing the sales