3.02 Fashion Merchandising

supply of a good or service will decrease when demand is great and increase when demand is low

The value of what is given up when an economic choice is made

the money left over after costs, expenses, and taxes have been deducted from sales

impulse items, emergency items, staple goods usually purchased in small quantities

The fluctuations in the economy over periods of several years

When products are readily available, prices are lower, resulting in lower profits

Products useful to consumers

Usefulness provided by having a product available when it is needed

People who buy products

extremely low consumer spending, high unemployment, drastic decrease in production of products

the money needed to start and operate a business and the goods used in the production 

When a product is in low demand, people will pay higher prices

People will pay more for goods in short supply

a market structure in which a few large competitive firms dominate the market

a market situation in which no single company is large or powerful enough to control prices

the money left over after costs, expenses, and taxes have been deducted from sales

an economic system in which individuals not the government make important economic decisions

a condition in which more goods and services are desired than are available

Products useful to consumers

amount of goods producers are willing to produce and sell at a given price

competition between two or more retailers that utilize the same type of business format

changes in the price of the product result in change in demand for the product

goods for which the consumer has a preference due to quality uniqueness or brand identification

amount of goods consumers are willing and able to buy at a given price

merchandise purchased by the consumer after comparison shopping

all the people who work in the economy

highest period of economic growth, low unemployment rate, high consumer spending

skills of people who are willing to take the risk of starting their own business

when demand decreases, prices will increase?

items that physically made by manufacturers; tangible products