Chapter 19 Vocabulary

Economics- a field of study that tries to explain how people produce, distribute,and use googs and services
Economic System- is a way of using resources to provide goods and services that its people want and need
Free Enterprise- means that an individuals or businesses may buy, sell, set prices with little government interference
Consumers- Theses are the people who buy and use goods and services
Producers- are compaines or individuals who make or provide goods and services
Marketplace- is where buying and selling occurs
Gross Domestic product (GDP)- total dollar value of all goods abd services produced in the United States duringa year
Inflation- when the average prices of goods and services rise sharply
Consumer Fraud- dishonest business pratices used by people who are trying to trick or cheat you
Bait and Switch- reatiler advertises a bargin- the bait- to lure people into the store
Warranty- Guarantee that a product meets certain standards of quality