American Free Enterprise Capitalism
Act of buyers and sellers freely and willingly engaging in market transactions; a characteristic of capitalism and free enterprise ...
Answer: voluntary exchange.
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 ...
Answer: modified free enterprise economy.
Lowest legal wage that can be paid to most workers ...
Answer: minimum wage.
Difference between the revenue from sales and the full opportunity cost of resources involved in producing the sales ...
Answer: profit.
Role of consumer as ruler of the market in determining the types of goods and services produced ...
Answer: consumer sovereignty.
Federal program of disability and retirement benefits that covers most working people ...
Answer: Social Security.
Fundamental feature of capitalism, which allows individuals to own and control their possessions as they wish; includes both tangible and intangible property ...
Answer: private property rights.
Economic system that has some combination of traditional, command, and market economies; also see modified free enterprise economy ...
Answer: mixed economy.
Sustained rise in the general level of prices of goods and services ...
Answer: inflation.
Driving force that encourages people and organizations to improve their material well-being; characteristic of capitalism and free enterprise ...
Answer: profit motive.
Risk-taking individuals who introduce new products or services in search of profits; one of the four factors of production ...
Answer: entrepreneurs.
Income that does not increase over time ...
Answer: fixed income.
The struggle among sellers to attract consumers ...
Answer: competition.
American businessman who co-founded the social media service Facebook and its parent company Meta Platforms, of which he is the chairman, chief executive officer, and controlling shareholder ...
Answer: Mark Zuckerberg (1984-present).
Federal health insurance program for senior citizens, regardless of income ...
Answer: Medicare.