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