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American Free Enterprise Capatalism
free enterprise: an economic system in which privately owned businesses have the freedom to operate for profit with limited government intervention
voluntary exchange: economic action done or brought about by free choice.
private property rights: fundamental feature of capitalism, which allows individuals to own and control their possessions as they wish; includes both tangible and intangible property
incentive: something that motivates
modified free enterprise economy: free enterprise market economy where people carry on their economic affairs freely; but are subject to some government intervention and regulation; also see mixed economy.
minimum wage: lowest legal wage that can be paid to most workers.
adverse: unfavorable or harmful
accommodate: to allow for
inflation: rise in the general level of prices.
social security: federal program of disability and retirement benefits that covers most working people.
medicare: federal health insurance program for the senior citizens regardless of income.
profit: extent to which persons or organizations are better off at the end of the period than they were are at the beginning; usually measured in dollars.
profit motive: driving force that encourages people and organizations to improve their material well- being; characteristics of capitalism and free enterprise.
competition: the struggle among sellers to attract consumers.
biofuels: fuel made from wood, peat, municipal solid waste, straw, corn, tires, landfill gases, fish oils, and other waste.
fixed income: income that does not increase over time.
great recession: severe economic downturn that lasted from late 2007 through mid 2009.
entrepreneur:
catalyst: something that stimulates activity among people or forces
consumer sovereignty: role of consumer as ruler of the market in determining the types of goods and services produced.
regulator: someone or something that controls activities