Chapter 19 vocabulary

Economics - the field of study that tries to explain how people produce, distribute, and use goods and services.
Economic system - using resources to provide goods and services that its people want and need.
Free enterprise - individuals or buisnesses may buy and sell and set prices with little government interference.
Consumers - people who buy and sell goods and services.
Producers - Companies or individuals who make or provide goods and services.
Marketplace - where buying and selling occur.
Gross domestic product - The total dollar value of all goods and services produced in the united states during a year.
Inflation - 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-retailer advertises a bargain-the bait-to lure people into the store. when the customers arrive, the store is "out" of the item, then the sales person tries to sell you a similar product at a much higher price.
warranty - is a guarantee that a product meets certain standards of quality.