Ch 19 Recalling Key Concepts

2. False--laws set safely standards, regulate some prices and wages, and protect consumers.....
3. False--when there is no competition prices tend to go higher...
4. True--The consumer price index and the unemployment rate are two yardsticks for measuring the economy..
5. True--Buying generic products when their quality is comparible to brand-name products is one way to save money...
6. True--The consumer product safety Commission enforces rules abount advertising,labeling, and warranties..

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.

weekly schedule 1/21-1/25

1/21 12:00-5:00
1/22 12:00-5:00
1/23 12:00-5:00
1/24 12:00-5:00
1/25 12:00-4:00