Recalling Key Concepts Ch.19

Recalling Key Concepts

1. False. In a free enterprise system, individuals or businesses may buy and sell and set prices with little government interference.

2. False. The presence or absence of competition has an affect on prices.
3. The consumer price index and the unemployment rate are two yardsticks for measuring the economy.
4. Buying generic products when their quality is comparable to brand name products is one way to save money.
5. False. The consumer product safety commission helps protect the public against dangerous products. It sets safety standards for equipment and makes sure these standards are met.

Ch19 Outline

Chapter 19 Vocab

Economics: The field of study that tries to explain how ppl produce, distribute, and use goods and services.
Economic System: Is a country's way of using resources to provide good and services that its people want and need.
Free Enterprise: means that individual or businesses may buy and sell and set prices with little government interference.
Consumer:ppl who buy and use goods and services.
producers: the companies or individuals who make or provide goods and services are known as producers.
marketplace: is where buying and selling occur.
gross domestic product: aka gep. this is the maind indicator of the condition of the economy.
inflation: occurs when the average prices of goods and services raise sharply
consumer fraud: dishonest business practices used by ppl who are trying to trick or cheat you.
bait and switch: a retailer advertises a bargain.- the bait.
warranty: is a guarantee that a product meets certain standards of quality.

Work Week Of 1/20-1/25/2008

1-20-08: 1pm-9pm
1-21-08: 5pm-11pm
1-22-08: 5pm-11pm
1-23-08: 5pm-12(midnight)
1-24-08: ?????
1-25-08: off
1-25-08: 5pm-12(midnight)

Schedule

Friday(today) 1/18/08: 1pm-11pm