Chapter 19 Vocabulary

Economics-the field of study that tries to explain how people produce, distribute, and use goods and services.
Economic-system-is country's way of using resources to provide goods and services that its people want and need.
Free Enterprise-menas that individuals or businesses may buy and sell and set prices with little government interference.
Consumers-people who by and use goods and services.
Producers-The companies or individuals who makeor provide goods and services.
Marketplace-is where buying and selling occur.
Gross Domestic Product or GDP-The total dollar value of all goods and services produced in the United States.
Inflation-Occurs when the average prices of goods and services rise sharply.
Consumer Fraud-Dishonest business practices used by people who are trying to trick or cheat you.
Bait and Switch-A retiler advertises a bargain0the bait0to lure people into the store.
Warranty-is a guarantee that a product meets certain standards of quality.