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