SWOW chapter 19 review

an economic system in which individuals and businesses can buy and sell and set prices with little government control

• free enterprise
• economics
• marketplace
• consumer fraud

a lower-priced item is used to attract customers who are then sold a higher-priced item

• bait and switch
• consumer fraud
• marketplace
• free enterprise

a guarantee that a product meets certain standards of quality

• warranty
• consumer fraud
• marketplace
• bait and switch

the total dollar value of all the goods and services produced in a country during a given time period

• gross domestic product
• inflation
• economics
• free enterprise

a rise in the price of goods and services that results in a decrease of the purchasing power of money

• inflation
• economics
• gross domestic product
• bait and switch

dishonest business practice by people who are trying to cheat you

• consumer fraud
• bait and switch
• marketplace
• inflation

the field of study that tries to explain how people produce, distribute, and use goods and services

• economics
• free enterprise
• marketplace
• gross domestic product

where buying and selling occurs

• marketplace
• free enterprise
• economics
• gross domestic product

One factor that makes prices go up and down is

• inflation.
• economics.
• the gross domestic product.
• supply and demand.

An example of consumer fraud is

• taking advantage of discount stores.
• timing purchases.
• misleading prize notifications.
• searching for a good consumer deal.