Chapter 19 Vocabulary

1. economics-the study of how a group produces, distributes, and use consumers its good and services
2. economics system-a country's way of using resource to provide goods and services that its people want and needs
3. free enterprise- individuals or businesses may buy and sell and set prices with little government interference
4. consumers-people who buy and use goods and services
5. producers- companies or individuals who make r provide goods and services
6. marketplace-where buying and selling occur
7. gross domestic product-total dollar value of all goods and services produced in the United States during a year
8. inflation-when the average price of a good or service rise sharply
9. consumers fraud-dishonest business practices use by people trying to trick or cheat consumers
10. bait and switch-the fundamental practice of advertising a bargain item that is not available for sale in the advertiser's store
11. warranty-a guarantee that a product meets certain standards of quality