Chapter 3 - American Free Enterprise Vocab Crossword

The force that encourages people and organizations to improve their material well-being
The concept that everyone can compete in the marketplace
The concept that people have the right and privilege to control their possessions as they wish
The concept that people may decide what agreements they want to enter into
The concept that people may decide what and when they want to buy and sell
The rivalry among sellers to attract customers while lowering costs
Interest Group- A private organization that tries to persuade public officials to act or vote according to group members’
Public Disclosure Laws- Laws requiring companies to provide full information about their
Public Interest- The concerns of the public as a
Macroeconomics-The study of the behavior and decision making of entire
Microeconomics- The study of the economic behavior and decision making of small units, such as individuals, families, and
GDP- The total value of all final goods and services produced in a particular
Business Cycle- A period of macroeconomic expansion followed by a period of
Work Ethic- A commitment to the value of work and purposeful
Technology- The process used to produce goods and
Public Good- A shared good or service for which it would be impractical to make consumers pay individually and to exclude
Public Sector- The part of the economy that involves the transactions of the
Private Sector- The part of the economy that involves the transactions of individuals and
Free Rider- Someone who would not choose to pay for a certain good or service, but who would get the benefits of it anyway if it were provided as a public
Market Failure- A situation in which the market does not distribute resources
Externality- An economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or
Poverty Threshold- An income level below that which is needed to support families or
Welfare- Government aid to the
Cash Transfers- Direct payments of money to eligible poor
In-Kind Benefits- Goods and services provided for free or at greatly reduced