Civics Chapter 18 Goods & Services
Name that transportation: Now carry all first-class mail between US cities located over a certain distance apart
Airlines
What are Goods & Services?
All the things that is produced by a country's economy
Installment plans
Allows consumers to buy goods without paying the full amount when they make their purchases. The consumer puts down a down payment and the rest of what the consumer owes is called the balance. The balance is then paid in equal installments for a certain period of time. (Mortgage)
Free-market economy
Allows people willing to take risks by offering them the possibility of making a profit
Internet Sellers
Consumers shop online viewing goods/services on their computer. (Buying clothes, books, etc.) Consumers often seek insurance quotes, automobile prices, etc. online.
What is all money borrowed, except home financing.
Credit
Interest rates paid on unpaid _____can be very high.
balances
Who/what spend billions of dollars trying to get us to buy their products. They run ads in newspapers, magazines, internet, billboards, radio, & TV. They often create slogans people will remember?
business
Learn when/where to buy a product. As consumers we play an important part in the _____, but we must learn to be responsible shoppers
economy
Retail services
Malls, online purchases, entertainment, movies, music, etc
What is an advantage of using rivers to transport goods?
Manufactures located close to major rivers, shipping can be fast & inexpensive
Selling goods in large quantities often requires what?
Mass marketing
Development of _______ sped transporting goods up a bit, but an efficient economy would need more effective ways to get products from the manufacturer to the consumers
railroads
Each worker is highly skilled at a ____ job. An assembly line moves the product through states of production until the product is complete
specialized
Your credit card information could be _______ by using the phone or internet purchasing.
stolen
What (type of automobile) are the leading means of transporting goods in this country?
trucks
Personal services
They are performed directly on consumers (medical care, personal fitness, yoga, golf lessons, etc.)
Goods
Things that are manufacture or made & that consumers (you) can buy or own (food, iPad's, iPod's, buildings, airplanes). You can see & touch.
Who invented electricity?
Thomas Edison
What is the key to mass production
To develop machine tools that can produce exactly identical parts
US has about ___ million miles of roads
4
What % of families do most of their traveling in personal vehicles?
85%
Advertising
Informs people about products & tries to persuade consumers to buy the products. Often makes the difference between the success/failure of a product. Goal of advertising is to give the consumer a reason to buy their product.
Some cards may have an ____ ____ _____.
annual card fee
If you miss a payment there can be _______
penalties
Name 4 problems of transporting goods by airlines
1. Can not carry as much heavy cargo at the same time 2. Large cargo planes cannot land at small airports 3. Higher prices due to aviation fuel 4. Increased security due to 9/11 terrorist attacks
Name 3 ways of paying immediately for a product
1. Cash 2. Checks 3. Debit cards
Name 2 ways of paying later
1. Charge acct. 2. Credit cards
Highway transportation depends on what 2 things?
1. Good roads 2. A steady supply of fuel
Name 4 types of services
1. Health 2. Educational 3. Personal 4. Information
What are the 3 important features of marketing?
1. One price system 2. Self-service 3. Standard packaging
Name 4 ways of transportation toady
1. Railroads 2. Airlines 3. Highways 4. Rivers
What 3 ways can consumers get the most for their $'s by?
1. Studying advertisement 2. Using coupons 3. By watching for sales
Name 3 measures of how our economy is performing
1. Unemployment rate 2. Business failure rate 3. Amount of tax revenue American business/citizens produce
Charge account
A form of credit that stores grant to many of their customers
Credit cards
A form of credit used by banks & other major lending institutions & accepted by most businesses worldwide
Brand
A name given by the maker to a product or range of products
Consumer
A person who buys or uses goods & services
Generic product
A product that does not have a manufacturer's name or brand
Debit card
A small card similar to a credit card that operates the way that checks do, deducting money directly from a bank account
Standard packaging
Adds to the efficiency of self service (crackers, sugar, etc)
Name that transportation: Much cheaper to ship items by railroad or by truck
Airlines
Self-service
An efficient & inexpensive way to sell goods because it saves time & labor
What is the leading means of transportation in the US?
Automobiles
If you are not satisfied with a good/service you have purchased you can contact the local _____ ______ _______. They give advice/assistance to people who believe they been cheated/treated unfairly by a business.
Better Business Bureau
How were early goods delivered?
By horse & carriage/boat (it was very slow & time consuming)
What was the source of power that contributed to modern mass production?
Electricity
Federal Trade Commission (FTC)
Has the power to bring to court any company anywhere in the U.S. that uses false or misleading advertising/false labeling.
Repair services
Performed on goods you own usually to repair them, or keep them in good working condition or improve them (auto repair, auto maintenance, heat maintenance)
Once price system
Prices are stamped or bar-coded (Universal Product Code, UPC). This code contains information about the product & allows the cashiers to ring up items quickly. Bar codes can also keep track of products during shipping, inventory, keeping shelves stocked
Wholesalers & Retailers
Products pass through several hands when moving to a factory to finally the consumers. Factories often sell goods in large quantities to a wholesaler (a business who owns a large warehouse where goods are stored). The wholesaler then sells it to the retailer.
Services
Products that are not physical, things that people do. You get the benefit of the service but do not own anything (doctors, dentist, hairdressers, etc)
Name that Transportation: Gave business people a mean of rapid travel & communication
Railroads
Name that transportation: Brought new goods to every American city
Railroads
Name that transportation: Carry bulky cargo, such as coal & grain
Railroads
Name that transportation: In the 1960s/1970s many railroads went out of business due to other competing means of transportation (truck, buses, cars, planes)
Railroads
The Nutrition Labeling & Education Act of 1990
Required food companies to list serving sizes, fat content, cholesterol, etc. contained in each serving.
Fair Packaging & Labeling Act
Requires businesses to supply certain info., package contents, & the weight or quantity of the items in the pkg.
Name an example of a combination of a good & service & tell why
Restaurant- provides the food, but also cleans up & food preparation
Other Services
Retail services- Malls, online purchases, entertainment, movies, music, etc
What has become the fastest growing parts of the US economy?
Service sector
Dept. of Agriculture
Sets nationwide standards, inspects & grades meats & poultry.
What is a disadvantage of using rivers to transport goods?
Subject to the weather
Where was mass production 1st developed?
The US, but is now used around the world
Innovation
The development of a new product, system, or process that has wide-ranging effects on the economy
Profit
The difference between the total cost of production & the total revenues received from buyers
Gross domestic product (GDP)
The market value of all the goods & services produced annually in the United States
Marketing
The process of making goods & services available to consumers & convincing them to buy the product
What does America's production of goods depend on?
The process of mass production
Mass marketing
The process of selling a good or a service in which the same product, price, promotion, & distribution is used for all consumers in a particular market
Mass production
The rapid production by machine of large #'s of identical objects
True or False: Many people will only buy brand names, they believe from past experience that the brand name is of good quality
True
True or False: Some people buy generic products. They are often less expensive than the brand name products
True
True or False: Today mass production is an essential part of large-scale production (automobile plant, bakery)
True
Checks
Written/signed order to a bank to pay a sum of money from a checking acct. to a person/company.
What does a good credit rating mean?
You pay your bills on time is important for obtaining any bank loan (mortgage, auto, boat, etc.)
Wise shoppers choose goods/service at the price/quality that best suits their _____
needs
