Term
| Anyone who buys or uses products. |
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| The price at which the quantity supplied equals the quantity demanded of the product. |
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| Government owns most of the resources and makes most of the economic decisions. |
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| The study of how economic systems work. |
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| The way to produce products is passed on from generation to generation. |
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| Choice made in an organized, logical manner. |
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| Things you want to accomplish. |
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| The value of your next best alternative when making a decision. |
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| Purchase made without thought...purchase made on a whim. |
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| The way in which a nation uses its resources to produce goods and services. |
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| Producers are willing to offer more of a product for sale at a higher price than at a lower price. |
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| Consumers will demand more of a product at a lower price than at a higher price. |
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| Quantities of a product that producers are willing and able to make available for sale at various prices over a given time period. |
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Definition
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Term
| Quantities of a product consumers are willing and able to buy at various prices during a given time period. |
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Term
| People own the resources and run the business. |
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Definition
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Term
| Consumers' wants are always greater than the resources available to satisfy those wants. |
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Term
| Things you can't live without. |
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Term
| Principles by which you live. |
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Definition
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Term
| Things you would like to have to improve your quality of life. |
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Definition
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Term
| Advertising that compares a product's qualities to another product. |
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Definition
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Term
| Advertising that educates you about a product's qualities. |
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Definition
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Term
| Advertising designed to appeal to your emotions...doesn't give you any helpful information. |
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Definition
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Term
| Advertising that is meant to be misleading is: legal/illegal |
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| Puffery is legal or illegal? |
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Definition
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Term
| What are the 5 S's of decision making. |
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Definition
Specify
Search
Sift
Select
Study |
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Term
| Producing goods and services requires resources. What are they? |
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Definition
| raw materials, labor, knowledge, and equipment |
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| Ralph becomes a police office because his father and grandfather were police officers. It runs in the family. |
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Term
| Alice thinks her community needs a new computer discount store, so she opens one. |
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Term
| Norton pays Social Security taxes to the government, and he will receive Social Security payments when he retires. |
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Definition
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Term
| The government orders a factory to produce tanks during a war. |
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Definition
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Term
| Deliberate deception designed to secure unfair or unlawful gain |
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Definition
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Term
| Financial fraud in which people pay to join an organization in exchange for the right to sell memberships to other people. |
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Definition
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Term
| A company's promise that its products will meet specific standards over a given time period or the company will repair, replace it, or give a refund. |
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Term
| Property pledged to back a loan |
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Definition
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Term
| Economic system in which the government owns most resources and makes most economic decisions. |
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Definition
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Term
| Economic system in which the people, rather than the government, own the resources and run the business. |
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Definition
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Term
| An economic system that has characteristics of both a command and market economy. |
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Definition
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Term
| Which government agency protects consumers from dangerous products? |
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Definition
| Consumer Product Safety Commission (CPSC) |
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Term
| Which government agency protects consumers from misleading advertising? |
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Definition
| Federal Trade Commission (FTC) |
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Term
| Which government agency protects our environment? |
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Definition
| Environmental Protection Agency (EPA) |
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Term
| Items price below cost to get customers in the stores. |
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Definition
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Term
| Information on a W-2 form. |
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Definition
| Earnings and withholdings |
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Term
| Costs you pay when getting a loan. |
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Definition
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Term
| Examples of predatory loans |
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Definition
| refund anticipation loans; rent to own; payday loans |
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Term
| When finding an error on your bank statement, how many days do you have to report the error. |
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Definition
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Term
| How many free credit reports are you entitled to each year. |
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Definition
| 1 from each reporting agency |
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Term
| Reporting your credit card lost or stolen within two business days limits your liability to how much? |
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Definition
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Term
| A unit of ownership in a corporation. |
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Definition
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Term
| A group of investments owned by many investors. |
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Definition
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Term
| An investment which is a written promise to pay interest and debt by a specified date. |
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Definition
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Term
| Minimum liability insurance coverage required in Illinois |
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Definition
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