Tangie: January 2008

economics-the field of study that tries to explain how people produce, distribute, and use goods and services
eonomic system-country's way of using resources to provide goods an dservices that its people want and need
free enterprise-means that individals or businesses may buy and sell and set prices with little government interference
consumers-the people who buy and use goods and services
producers-the 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 garauntee that a product meets certain standards of quality.

Tangie