consumers education

communist economic system

a command system the goverment controls production and distribution.

socialist economic system

a planned system which is characterized by a large degree of government involvement in the economy, where resources and means of production are often owned or regulated by the state.

traditional economic system

the people decide what decisions will be made and how they will be made

capitalism

economic system in which consumers and producers are free to operate and compare in business transactions w/ minimal government interference or regulation

market economy

economic system in which the decision on what to produce and who gets the goods/services and how to produce it are determined by supply and demand in the marketplace

producers

the manufactors or makers of good/services for sale

consumers

buyers and users of goods and services

scarcity

when consumers want are unlimited while the resources for producing the products to satisfy these wants are limited

utility

a measurement of somthings’s usefulness

opportunity cost

the value of the choice you did not accept

supply

the quantity of goods/services that produers can provide at various prices

demand

the willingness and abilty of consumers to buy goods/services at various prices

competition

rivalry among sellers in the same market to win customers

oligopoly

only a few sellers produce a similar product or service

monopoly

a market w/many buyers and 1 seller

money

anything that can be used to settle debt

fiat money

todays money is reffered to as that it is not backed by gold but buy faith in the general economy and goverment of the country

trade off

getting something in return for giving up somthing else

needs

the items nescessary for maintaining physical life

wants

items beyond basic needs that improve your quality of life

personal preferences

your likes and dislikes

collective values

ideals and values that are important to socitey

public goods

goods/services provided by the goverment to its citizens

economy

all activites related to producing and distributing goods and services in a geographic aera

product advertizing

advertising intended to convince consumers to buy a specific good or service

target market

a specfic consumer froup to which the products are designed to appeal

unit pricing

tells you how much it cost per ounce or other unit of measures

loss leader

an items of merch marked down to an unussally low price sometimes below retailers cost

inteternational trade

the buying and selling of goods and services across national bordars

tarrif

a tax a goverment charges on goods coming from other countrys

impluse purchas

a purchas made on a wim with no decison making process

mixed economy

an economic system that has characteristics of a communist economy

equilibruim price

the price point at which quantity supplied equalls the quantiy demand