Chapter 3 Econ Vocab

2. fundamental feature of capitalism, which allows individuals to own and control their possessions as they wish; includes both tangible and intangible property (3 words, no spaces)
6. act of buyers and sellers freely and willingly engaging in market transactions; a characteristic of capitalism and free enterprise (2 words, no space)
7. enterprise market economy where people carry on their economic affairs freely, but are subject to some government intervention and regulation; also see mixed economy
8. federal health insurance program for senior citizens, regardless of income
9. rise in the general level of prices
10. (4 words, no spaces)
11. severe economic downturn that lasted from late 2007 through mid-2009 (2 words, no space)
12. difference between the revenue from sales and the full opportunity cost of resources involved in producing the sales
13. the struggle among sellers to attract consumers
15. driving force that encourages people and organizations to improve their material well-being; characteristic of capitalism and free enterprise (2 words, no space)
16. federal program of disability and retirement benefits that covers most working people (2 words, no space)

1. an economic system in which privately owned businesses have the freedom to operate for a profit with limited government intervention (2 words, no space)
3. risk-taking individuals who introduce new products or services in search of profits; one of the four factors of production
4. fuel made from wood, peat, municipal solid waste, straw, corn, tires, landfill gases, fish oils, and other waste
5. role of consumer as ruler of the market in determining the types of goods and services produced (2 words, no space)
7. income that does not increase over time (2 words, no space)
8. economic system that has some combination of traditional, command, and market economies; also see modified free enterprise economy (2 words, no space)
14. lowest legal wage that can be paid to most workers (2 words, no space)