Chap 19 Vocab

CHAPTER 19 VOCABULARY pg.394:

Economics- The study of how a group produces, distributes, and uses
its good and services.

Economic System-- A country's way of using resources to provide the goods
and services people want and need.

Free enterprise--a type of economic system in which individuals or individual busineses buy and sell an prices with little intervention by the government.

Consumers--Individuals who buy and use goods and services.

Producers-Companies or individuals who make or provide goods and services.

Marketplace-The entire realm of trade and business; the "place" where buying and seliing go on.

Gross domestic product--The total dollar value of all goods and services produced in a country during one year.


Inflation- A sharp increase increase in the average price of goods and services.

Consumer fraud-Dishonest business practices used by people trying to trick or cheat consumers.

Bait switch-Fraudulent practice of advertising a bargain item


Warranty