MODULE EIGHT Flashcards
Goods
Products that are manufactured and that consumers can buy and own
Services
Work that does not produce an actual
product, but which consumers can buy.
Federal Reserve
The U.S. banking system that handles the banking needs of the federal government and regulates the money supply.
Consumer
A person who buys or uses products and services.
Brand
A name given by the maker to a product or
a range of products
Bankruptcy
A legal declaration that a person or
business cannot pay his or her or its debts.
Stock exchange
A market where stocks are bought
and sold
Insurance
A system of protection in which people
pay small sums periodically to avoid the risk of a large loss
Social security
A system of government insurance
that provides benefits for retired people, people with disabilities, unemployed people, and people with job-related injuries or illnesses.
Medicare
A federal program of health insurance
for people age 65 and older.
Medicade
A federal program that helps the states
pay the medical costs of low-income people.
Mass Production
The rapid production by machine
of large numbers of identical objects.
Consumer Choice
