The American Free Enterprise System

An economic system in which privately owned businesses have the freedom to operate for a profit with limited government intervention.

• Communism
• Socialism
• Anarchy
• Free Enterprise

Act of buyers and sellers freely and willingly engaging in market transactions, a characteristic of capitalism and free enterprise.

• Mandatory exchange
• Forced transaction
• Coerced trade
• Voluntary exchange

A fundamental feature of capitalism, which allows individuals to own and control their possessions as they wish, includes both tangible and intangible property.

• Public property rights
• Shared property rights
• Government property rights
• Private property rights

Difference between the revenue from sales and the full opportunity cost of resources involved in producing the sales.

• profit

• loss

• free enterprise

• accounting

Driving force that encourages people and organizations to improve their material well-being; characteristic of capitalism and free enterprise.

• Profit motive
• Capitalistic urge
• Money drive
• Wealth desire

The struggle among sellers to attract consumers.

• Indifference
• Monopoly
• Collaboration
• Competition

Fuel made from wood, peat, municipal solid waste, straw, corn, tires, landfill, gases, fish oils, and other waste.

• Nuclear fuel
• Biofuels

• Solar fuel
• Hydroelectric fuel

Severe economic downturn that lasted from late 2007 through mid-2009.

• Great Recession
• Massive Recession
• Huge Slump
• Big Depression

Risk-Taking individual in search of profits; one of four factors of production.

• Laborer
• Investor
• Innovator
• Entrepreneur

Role of consumer as ruler of the market in determining the types of goods and services produced.

• Consumer Sovereignty

• Market Sovereignty

• Government Sovereignty

• Producer Sovereignty