Economics Chapter 3 Vocab

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