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24 Cards in this Set
- Front
- Back
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Consumer |
a person who purchases goods and services for personal use |
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Values |
consider to be important or beneficial, have a high opinion of |
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Wants |
a desire for something |
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Needs |
a thing that is required |
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Short term goal |
a goal that is something that you want to do in the near future |
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long term goal |
a goal that will take a long time to acheive |
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life span |
the length of time for which a person lives |
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life cycle |
the series of changes in the life of someone |
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impulse buying |
the buying of goods without planning to do so in advance |
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rational buying |
when motives of buying are based on logical criteria or consideration of a situation |
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demand |
the desire of consumers for particular items |
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supply |
the amount of a good or service offered for sale |
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law of demand |
all other factors being equal as the price of a good or service increases, consumer demand will decrease |
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equilibrium price |
market price where the quantity of goods supplied = demand |
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persuasive advertising |
a type of product promotion that aims to persuade a consumer to buy a particular product |
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brand advertising |
process that companies use to keep the public aware of their brand: like logos, symbols, etc |
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comparative advertising |
a company shows how its product or service is superior to a competing brand by comparing benefits and costs |
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informative advertising |
giving information about the suitability and quality of a prodict |
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defensive advertising |
advertising for the purpose of defending itself against a negative ad from a competitor |
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fraudulent advertising |
making false statements about a product |
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command economy |
the gov determines the production, prices, etc of an economy |
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market economy |
the market of supply and demand determines production, prices, etc of an economy |
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mixed economy |
both controlled by market and gov |
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traditional economy |
traditions, customs, and beliefs shape the goods and services of the economy |
