Economics- The field of study that tries to explain how people produce, distribule, and use goods and services.
Economic System- A country's way of using resources to provide goods and services.
Free Enterprise- Individuals or bissinesses may buy and sell and set prices with little government interference.
Consumers- The people whp buy and use goods and services.
Producers- The companies or individuals who make or provide goods and services.
Marketplace- Where buying and selling occurs.
Gross Domestic Product- The main indicator of the condition of the economy.
Inflation- Occurs when the average prices of goods and services rise sharply.
Consumer Fraud- dishonest business practices used by peopl ewhop are trying to trick the consumer.
Bait-and-Switch- A tactic that dishonest salesmen use to lure in a costumer and try to sell them something else at a higher price.
Warranty- A guarentee that a product meets certain stadards of quality.
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