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.
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