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22 Cards in this Set
- Front
- Back
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advertising
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a paid form of communication sent out by a business about its products or services
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consumer
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anyone who buys or uses products
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consumers economics
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the study of the role consumers play in an economic system
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demand
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the quantity of a good or service that consumers are willing and able to buy at various prices during a given period of time
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economics
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the study of how we make use of our resources
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equilibrium price
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the price at which the quantity supplied exactly equals the quantity demanded of a product
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global warming
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the gradual increase in the earths average temperature
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goals
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the things you want to accomplish in your life
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life span
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the time between a person's birth and death
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life-span goals
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long-term goal that you want to reach during your life
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life-span plan
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a plan to reach long term goals within a person's life
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long term goals
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something you hope to achieve over a period of years
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needs
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things you can't live without
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opportunity cost
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the value of your next best alternative whenever you make a choice
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production
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the creation of goods and sevices
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profit
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the difference between the money received from selling a product and the cost of producing that product
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puffery
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innocent exaggerations used to sell products
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rational buying decision
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a choice made in an organized, logical manner so that it will most likely fulfill your need or want
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short term goal
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something you hope to achieve within a year
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supply
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the quantity of a product that producers are willing and able to make available for sale at various prices over a given time period
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values
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your principles - the standards you use to judge what is right and wrong, good and bad, important and unimportant for you
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wants
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things that you would like to have but can live without
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