Consumer Ed.

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-Chapter 2

-Chapter 2

According to the textbook, it is estimated that _____ percent of purchased products are never used.

12%

Generation X is made of those people born between?

1965 - 1976

Approximately ___% of all US families are considered traditional households by the US census bureau

35

Who came up with the invisible hand theory?

Adam Smith

___________ is the founder of modern economics.

Adam Smith

Define opportunity cost and give an example.

Every choice made means that something else is given up. Ex. Tiger Woods dropped out of college to pursue golf

(T or F) A person acting in his/her own rational self-interest is selfish

False

Who is considered the father of modern consumer movement?

Harvey Wiley

President Clinton signed ___________ which had a large impact on trade and employment in certain industries, as well as an impact on prices

NAFTA

(T or F) Information search is a good idea, but can be costly.

True

Scarcity is...

a condition in which there is an insufficient amount of supply or shortage

_______ is characterized as a drastic and long lasting decline in the economy with high unemployment, failing prices, and decreasing business activity

a depression

Inflation is _______________________________.

a steady increase in prices

What are the five parts to the consumption process?

awareness, thinking, planning, implementing/acting, and evaluating

Antitrust laws prohibit...

business monopolies

The term caveat emptor translates to _______________.

buyer beware

A market economy is also referred to as....

capitalism

An economic system in which nearly all capital is collectively owned is called....

capitalism

What are some characteristics of Generation X's consumer behavior?

cares about the environment, likes lower prices, and a more functional look

Non-traditional households are different from traditional households in that they include ____________________________.

childless married, single parents, or adult live-ins

In a _________economy, most decisions about what, how, and for whom to produce are made by those who control the government.

command

The belief that goods give meaning to individuals and their roles in society is called ______________.

consumer economics

______________ refers to policies aimed at regulating products, services, methods, and standards of manufacture, selling, and advertising in the interests of the buyer.

consumer movement

Individuals or groups such as families who obtain, use, maintain, and dispose of products or services, to increase life satisfaction and fulfill needs are known as...

consumers

Consumer sovereignty means...

consumers decide which goods will survive and that producers cannot dictate consumer's tastes

The study of the human populations including characteristics such as size, growth, density, distribution, movement, and other vital statistics is called ___________________.

demographics

_____________ refers to the data used to describe populations or subgroups.

demographics

Consumer mediated environments refers to ___________.

e-commerce (electronic shopping)

What are the two parts to e-commerce?

e-merchandise: selling goods and services electronically and moving items through distribution channel e-finance: banking, debit cards, etc...done online

The study of or science of production, distribution, and consumption is known as ___________________.

economics

How might consumer style influence a clothing purchase?

economics, history, culture, personality, biology or environment, technology, and politics

Concern for the environment is known as ______________.

environmentalism

When supply and demand is equal, the _______________ is reached.

equilibrium price

The parts of the business cycle are _______________________________________.

expansion, recession, and recovery

The law of demand states that as the price of a good or service rises, the quantity demanded...

falls

The law of supply states that as the supply of a good or service goes up, the price...

goes down

A tangible object, something you can see and feel, like soap is considered a ______________.

good

In a ____________ economy exchanges are controlled by marketplace forces of supply and demand, rather than outside forces such as government control.

market

Things that are deemed necessary are called...

needs

Explain maslow's hierarchy of needs.

physiological needs, safety, belongingness and love, esteem, and self-actualization

The undesirable change in biological, chemical, or physical characteristics of air, land, or water that harms activities, health, or survival of living organism is called....

pollution

A __________ is anything a consumer acquires or perceives to need.

product

When people make choices that will give them the greatest amount of satisfaction at a particular time based on the information they have at their disposal, it is called...

rational self-interest

Unlimited wants combined with limited supplies create ________, a condition in which there is an insufficient amount or supply.

scarcity

Intangible actions like work done to satisfy or provide for others are called ___________.

services

The turn of the 19th-20th century was a time of great promise called...

the gilded age

What is consumer economics?

the study of how people deal with scarcity, fulfill needs, and select among alternative goods, services, and actions

Monopoly means...

there is one producer and no substitute

Things wished for or desired are called...

wants


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