| A | B |
|---|
| minimum wage | lowest legal wage that can be paid to most workers |
| Social Security | a federal program of disability and retirement benefits that covers most working people; retirees, survivors, disabled persons,and Medicare recipients (65 or older) |
| inflation | a rise in the general level of prices |
| adverse | harmful |
| accomodate | to allow for |
| free enterprise | - resources are privately owned, and competition is allowed to flourish with a minimum of gov’t interference |
| voluntary exchange | - act of buyers and sellers freely and willingly engaging in market transactions |
| private property rights | people own and control their possessions |
| profit | the extent to which persons or organizations are better off financially at the end of a specific period then they were at the beginning |
| profit motive | the incentive that encourages people and organizations to improve their material well-being |
| competition | the incentive that encourages people and organizations to improve their material well-being |
| consumer soveignty | recognizes the buyer as KING, ruler of the market. The customer is always RIGHT…is the POWER of this |
| mixed or modified free enterprise | mixed or modified free enterprise economy- economy where people carry on their economic affairs freely but are subject to some gov’t intervention and regulation |
| incentive | something that motivates |
| catalyst | somethingthat stimulates activity among people or forces |
| regulator | someone or something that controls activities |
