| A | B |
|---|
| Economics | The field of study that tries to explain how people produce, distribute, and use goods and services. |
| Economic System | A country's way of using resources to provide goods and services that its people want and need. |
| Free enterprise | Individuals and businesses may buy and sell and set prices with little government interference. |
| Consumers | People who buy and use the goods and services. |
| Producers | Companies or individuals who make or provide goods and services. |
| Marketplace | Where buying and selling occur |
| GDP | 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 people who are trying to trick or cheat you. |
| Bait and Switch | A retailer advertises a bargain to lure people into the store, but when the customer arrives, the store is "out" of the item. |
| Warranty | A guarantee that a product meets certain standards of quality |
| Distributing | Making goods and services available through selling or delivering. |
| Consume | Buy or use |
| Fluctuate | Prices go up and down |
| Recession | Period of economic slow down. |
| Recovery | Period of renewed economic growth. |
| Depression | A long recession. |
