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25 Cards in this Set
- Front
- Back
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consumer economics
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is the study of how people deal with scarcity, fulfill needs, and select among alternative goods, services, and actions
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consumers
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individuals or groups who obtain, use, maintain, and dispose of products and services to increase life satisfaction and fulfill needs
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consumerism
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refers to the belief that goods five meaning to individuals and their roles in society
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injurious consumption
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happens when individuals or families make decisions that will have negative consequences, affection their quality of life in the long run
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caveat emptor
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translated as "may the buyer beware"
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household
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includes related family members and all the unrelated persons who share a housing unit
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Demography
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is the study of human populations, including characteristics such as size, growth, density, distribution, movement, and other vital stats
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Demographics
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refers to data used to describe populations or subgroups
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consumer style
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pattersn of behaving or ways of making financial decisions and acting on them. 7 factors that influence this: Economics, history, culture, personality, biology or environment, technology, politics
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Real Gross Domestic Product (real GDP)
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a measure of the value of all the gods and services newly produced in a country during some period of time, usually a year or a quarter, adjusted for inflation
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Business Cycle
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Expansion
Recession Recovery |
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property rights
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the legal rights over the use, sale, and proceeds from a good or resource
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consumer sovereignty
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refers to the premise that consumers decide which goods survive and that producers cannot dictate consumer tastes
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Consumer-mediated environment (CME
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buying selling over the internet
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hucksterism
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extreme promotion
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antitrust laws
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prevent business monopolies and are aimed at establishing and maintaining competition so that consumers get fair prices as well as goods in adequate quantities
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common law
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the rights of buyers and competitors
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cease and desist order
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an administrative or judicial order forcing businesses to cease unfair or deceptive acts or practices
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bricks and clicks
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a physical store and online store
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brand extension
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example, when old spice offered body wash, since it already offered aftershave and deodorant
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message framing
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an advertisement saying you will feel happy if you buy this product or sad if you don't
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reactance
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a warning sign posted outside a roller-coaster ride might simulate more desire to experience
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consumer power model
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shows how all the pieces fit together
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socialization
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refers to the process of learning to interact with others, forming cooperative relationships, participating in society, and learning the ways of daily life
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consumer durables
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products bought by consumers that are expected to last three years or more and include autos, appliances, and furniture
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