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conommic

TermDefinition
bait and switch the action (generally illegal) of advertising goods which are an apparent bargain, with the intention of substituting inferior or more expensive goods. "a bait-and-switch scheme"
capitalism is an economic system based on the private ownership of the means of production and their operation for profit.
communism In political and social sciences, communism is the philosophical, social, political, and economic ideology and movement whose ultimate goal is the establishment of the communist society,
Competition Competition arises whenever at least two parties strive for a goal which cannot be shared: where one's gain is the other's loss
Deception the action of deceiving someone.
economy An economy is an area of the production, distribution and trade, as well as consumption of goods and services by different agents.
impulse buying the buying of goods without planning to do so in advance, as a result of a sudden whim or impulse.
loss leader a product sold at a loss to attract customers
marker economy is an economic system in which the decisions regarding investment, production and distribution are guided by the price signals created by the forces of supply and demand.
opportunity cost In microeconomic theory, the opportunity cost, or alternative cost, of making a particular choice is the value of the most valuable choice out of those that were not taken.
pyramid scheme is a business model that recruits members via a promise of payments or services for enrolling others into the scheme, rather than supplying investments or sale of products.
redress remedy or set right (an undesirable or unfair situation).
scarcity is the limited availability of a commodity, which may be in demand in the market or by the commons. Scarcity also includes an individual's lack of resources to buy commodities.
traditional economic system Traditional economy is an economic system in which traditions, customs, and beliefs help shape the goods and services the economy produces, as well as the rules and manner of their distribution.
Created by: cesar leanos
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