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ECONOMICS CHAPTER 3 QUIZ REVIEW

Name:_______________________________

Date:___________  Period:_________
Across
Driving force that encourages people and organizations to improve their material well-being
Act of buyers and sellers freely and willingly engaging in market transactions
Severe economic downturn that lasted from late 2007 through mid-2009
Conditions that are unfavorable or harmful
Someone or something that controls activities
Fundamental feature of capitalism, which allows individuals to own and control their possessions as they wish
Difference between the revenue from sales and the full opportunity cost of resources involved in producing the sales
Federal health insurance program for senior citizens, regardless of income
Lowest legal wage that can be paid to most workers
Economic system that has some combination of traditional, command, and market economies
Down
Role of consumer as ruler of the market in determining the types of goods and services produced
An economic system in which privately owned businesses have the freedom to operate for a profit with limited government intervention
Rise in the general level of prices
The struggle among sellers to attract consumers
Federal program of disability and retirement benefits that covers most working people
A risk-taking individual in search of profits
Income that does not increase over time
Something that stimulates activity among people or forces
Something that motivates
Fuel made from wood, peat, municipal solid waste, straw, corn, tires, landfill gases, fish oils, and other waste