Free Enterprise - Economic system in which privately owned businesses operate for a profit with little to no government intervention, Voluntary Exchange - the act of buyers and sellers freely and willingly engaging in market transactions., Private property rights - fundamenta feature of capitalism, which allows individuals to to own and control the possessions they wish, Profit - difference between the revenue from sales and the full opportunity cost of resources used, Incentive - something that motivates, Profit motive - driving force that encourages people and organizations to improve their material well-being, Competition - the struggle among sellers to attract consumers, Biofuels - fuel made from wood,peat, municiple solid waste, straw, corn, tires, landfill gases, fish oils, and other waste , Great Recession - severe economic downturn that lasted from late 2007 through mid-2009,

Chapter 3.1 American Free Enterprise Capitalism

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