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