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15 Cards in this Set

  • Front
  • Back
Basic Goods
-standardized
-utilitarian
-infrequent demand for changes in styling
-NOT MUCH CHANGE
2001
5.91 %
currently
approximately 5 %
Consumption
commodities (goods and services)
their uses and services consumed
Disposable Income
-take home pay
-amount available to individual or family to support level of consumption, savings and investment
Fashion
a style of dress accepted by the majority of a group at a given time
Inferior Good
product consumed out of necessity not goods preferred according to the standard of consumption
Inferior Good amount
spent decreases when income increases and increases when income decreases
Normal Good
spending pattern reflects an economic necessity
Normal Good amount
increases as income increases and decreases when income decreases
Standard of Consumption or Living
level that is urgently desired and strived for, substantial success is yeilding special gratification and substantial failure yielding bitter frustration
Superior Goods
preferred product according to standards of consumption and living;
Superior Goods amount
spent increases as income increases and decreases when income decreases but at a faster rate than the income increases or decreases; economic luxuries
Consumer Obsolencence
discards products due to lack of interest in them rather than the lack of their usability
Level of consumption or living
that which is actually experienced , enjoyed, or suffered by an individual or group