Help
Options
Term
consumers
click to flip
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't know
Term
producers
Remaining cards (85)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
ConsumerEd Test 1
consumers/producers, types of economies, government agencies, supply&demand, etc
| Term | Definition |
|---|---|
| consumers | people who interact with the economy by buying and using goods and services |
| producers | people who produce goods and services |
| monopoly | when and company/brand controls a field of goods or services |
| law of scarcity | limited money and unlimited wants/needs |
| inflation | when the dollar loses value |
| recession | there is not enough money in circulation |
| imports | goods and services bough from another country |
| exports | goods and services sold to another country |
| private ownership | something is owned by private businesses or people and not the government |
| supply | the available quantity of a product |
| demand | how much a product is wanted |
| supply and demand relationship with price | supply and demand influences how much a product is sold for based on what consumers will pay |
| profit motive | features of economy that make consumers want to make money |
| competition | multiple options of goods and services at comparable quality and price |
| government regulations | ways the government interacts with the economy |
| market economy | economy with no government regulation |
| traditional economy | economy controlled by trade and not having any imports or exports |
| command economy | economy controlled by government with no choice |
| consumer rights | right to safety, choice, information, regress, basic needs, representation, consumer education, and healthy environment |
| consumer responsibilities | consumers have the responsibility to do something because of corresponding rights (ex. reading fine print, comparing price, not polluting excessively) |
| what to include on a complaint/compliment letter | return address, company address, information about purchase, description of issue, expected solution |
| USDA | department of agriculture |
| USDA | addresses climate change, deals with food and nutrition insecurity, advances racial justice, and promotes market opportunities |
| DOC | department of commerce |
| DOC | promotes economic growth and security, boosts job creation, supports minority businesses |
| DOD | department of defense |
| DOD | manages military necessary to the safety and security of country |
| DOED | department of education |
| DOED | establish education policies, gives student loans, works to help safety in schools |
| DOE | department of energy |
| DOE | manage energy policies and nuclear energy/weaponry |
| HHS | department of health and human services |
| HHS | encourage health of country through research of medicine and food and creation of human services |
| DHS | department of homeland security |
| DHS | protects safety online and in person, prevents terrorism, and monitors who and what enters the country |
| HUD | department of housing and urban development |
| HUD | creates fair housing laws and addresses housing needs |
| DOI | department of the interior |
| DOI | manage public lands and national parks, manage responsibilities of trusts with native populations |
| DOJ | department of justice |
| DOJ | uphold law and keep country safe while protecting civil rights |
| DOL | department of labor |
| DOL | regulate workers rights: safe conditions, minimum wage, maximum work hours, child labor, equal opportunity, unemployment insurance |
| DOS | department of state |
| DOS | manage treaties and foreign affairs, represent country at united nations |
| DOT | department of transportation |
| DOT | create and manage a safe and efficient transportation system |
| VA | department of veteran affairs |
| VA | provide benefits to veterans |
| FTC | federal trade commision |
| FTC | protect consumers from unfair business practices and scam |
| IRS | internal revenue service |
| IRS | collect and review taxes to fund government |
| USPS | united states postal service |
| USPS | create and manage a reliable and affordable post service to connect the nation |
| NTSB | national transportation safety board |
| NTSB | investigate civil aviation incidents and significant incident among other transportation as well as issue recommendations to prevent similar incidents |
| CPSC | consumer products safety commission |
| CPSC | reduce injury and death risk from consumer goods through regulations/standards and recalls |
| EPA | environment protection agency |
| EPA | protect the environment from significant health risks |
| NASA | national aeronautics and space administration |
| NASA | explore and research space/aeronautics and regulate earth and space science |
| FDA | food and drug administration |
| FDA | monitor safety and efficacy of food, medicine, cosmetics, and medical equipment to insure public health |
| right to safety | products are labeled with use guides and tested for safety and performance |
| right to information | protects consumers from misleading advertising and makes facts about product available to consumers |
| right to choose | should be products with comparable quality and value |
| right to representation | consumers can express interests in economic legislation and have groups protecting interest to companies |
| right to basic needs | can get goods and services needed to ensure survival |
| right to redress | consumers can be compensated for misrepresentation and unsatisfactory products through returns, exchanges, and repaies |
| right to consumer education | consumers should be education of how the economy works |
| right to healthy environment | consumers should be able to live in a non threatening environment and have government protect limited resources |
| responsibilities because of right to safety | read labels, be aware of faulty or recalled products |
| responsibilities because of right to information | read labels and fine print, consult friends using same product |
| responsibilities because of right to choose | compare quality and unit price of products |
| responsibilities because of right to representation | support consumer groups, contact government about serious issue |
| responsibilities because of right to basic needs | look for quality over quantity or brand, look for affordable prices |
| responsibilities because of right to consumer education | use education mediums provided |
| responsibilities because of right to healthy environment | minimize personal pollution, speak out for environment |
| economy when government sets prices | command |
| economy where producers compete for consumer dollars | market |
| most economies are this | mixed |
| economy where people do not choose their own jobs | commands |
| US economy type | mixed market |
| John F. Kennedy | president who implemented consumer bill of rights |
Created by:
CEnts
Popular Economics sets