| A | B |
|---|
| One way to be a smart shopper is to buy | buy SOME used items |
| the main indicator of the size and condition of an economy | Gross domestic product |
| anywhere that goods and services are sold | marketplace |
| Canada, Germany, Great Britian examples of this type of economy | socialist |
| people who buy and use goods and services | consumers |
| companies or individuals who make goods or provide services | producers |
| The way a country utilizes the production, distribution, and consumption or goods and services | economic system |
| type of economy allows consumers and businesses to make MANY choices about what is produced and how BUT the government still controls many key industries | socialist |
| this type of economy the government decides what is made, how it made and who will get what is made | communist |
| supply is greater than demand | surplus |
| three indicators used to measure the economy | CPI, GDP, unemployment |
| agency is responsible for enforcing rules about labeling, advertising, and warranties | FTC |
| When demand is greater than supply prices will | rise |
| This agency enforces laws about the quality and labeling of food, drugs and medical devices | FDA |
| a guarantee that a product meets certain standards of quality | warranty |
| a dishonest business practice used to trick or cheat consumers | consumer fraud |
| an illegal sales practice in which a lower priced item is used to attract customers who are then encouraged to buy a similar product at a higher price | bait and switch |
| programs or files created to collect your private data are examples of | computer fraud |
| dishonest mechanics who try to trick consumers into paying more than they need to or fixing parts that are not broken | repair fraud |
| a rise in the price of goods and services | inflation |
| the value of all goods and services produced by a country in a given time period | GDP |
| a collection of data that measures changes in the prices of consumer goods and services | consumer price index |
| combined costs of material and labor it takes to produce a good or service | production costs |
| these measure the performance and direction of an economy | indicators |
