U.S. Economy and Economic Principles & Decisions SOL Review

Consumer Rights are:

• An act of placing money or a valuable item in a bank or other institution

• the goods or services produced by a company

• basic set of protections that apply to purchases of merchandise and services in the U.S.

What does production refer to?

• the goods or services produced by a company

• where one company controls an entire industry

Who is an entrepreneur?

• where one company controls an entire industry

• somebody who sets up and finances new commercial enterprises or businesses to make a profit

Who are the consumers?

• Individuals and groups that buy and use goods and services

• legal agreements between buyers and sellers

What is supply?

• Something done well or without wasted energy?

• not having enough resources to produce all of the things we would like to have

• The amount of goods and services that producers are able and willing to sell at various prices during a specified time period

What is scarcity?

• legal agreements between buyers and sellers

• something done well or without wasted energy

• not having enough resources to produce all of the things we would like to have

the role of consumer in determining what products will be produced based on what they buy

• consumption

• opportunity cost

• consumer rights

• consumer sovereignty

the cost of the next best alternative, use of time, and money when choosing to do one thing rather than another

• international trade

• public services

• opportunity cost

• consumer rights

the money a business receives for its products or services over and above its costs

• profit

• scarcity

• price

• demand

an economy in which resources and business activity are controlled by the government

• mixed economy

• global economy

• consumer rights

• command economy