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Ch. 3 - American Free Enterprise

Horizontales
Federal program of disability and retirement benefits that covers most working people
Sustained rise in the general level of prices of goods and services
Driving force that encourages people and organizations to improve their material well-being
An economic system in which privately owned businesses have the freedom to operate for a profit with limited government intervention
Role of consumer as ruler of the market in determining the types of goods and services produced
Income that does not increase over time
Federal health insurance program for senior citizens, regardless of income
Verticales
Act of buyers and sellers freely and willingly engaging in market transactions
Difference between the revenue from sales and the full opportunity cost of resources involved in producing the sales
Severe economic downturn that lasted from late 2007 through mid-2009
The struggle among sellers to attract consumers
Fuel made from wood, peat, municipal solid waste, straw, corn, tires, landfill gases, fish oils, and other waste
Lowest legal wage that can be paid to most workers
Risk-taking individuals who introduce new products or services in search of profits