Consumer Economics - Chapter 1 Review

consumers will demand ___ of a product at a lower price than at a higher price.

True/False - Puffery is legal, deceptive advertising is not

True/False - You are ready for this test tomorrow!

Businesses can increase profits by doing all of the following EXCEPT

Lifetime journey of applying skills, knowledge and experiences in pd employment positions

Designed to appeal to your emotions, this type of advertising often uses celebrities

Water is an example of a 

The quantity of a product that producers are willing and able to make available for sale

This type of advertising causes you tocontinue to use the product/service; eg. reward points

Your ____ role supports your ___ role.

The way you live as measured by the kinds and quality of goods andservices you can afford.

Advertising made in response to comparative advertising

An economy in which the government tells you what to produce

The "S" in SMARTER goals stands for

The value of your next best alternative whenever you make a choice is called the _____.

A mixed economy is a mixture of a market economy with some aspects of a

Versatile skills that are applied to personal and professional roles 

One of the 5 rights of Capitalism that allows business owners to keep the money they make

An activity through which an individual can earn money

A new gaming system is an example of a 

J will save her allowance of $25/mo to buy a $150 mp3 player in 6 mo.This is what type of goal?

A purchase made on a whim without using a decision making process

Being very productive (high productivity), typically equals a ____ standard of living.

The advertising that provides information that helps you make a good buying decision

In which of the 3 roles that you play, do you make buying decisions?

Advertising that tries to gain customers by comparing its product to that of a competitor

Tribes in remote areas still live in a ____ economy

The study of the role consumers play in an economic system

A principle or standard by which you live

Advertising that is designed to appeal to your emotions to influence you to buy

In which of the 3 roles that you play, do you vote and pay taxes?

The USA's economy is typically called ____

(T/F) To pay the cost of advertising, a business may have to increase the price of the product

Advertisements that contain factually incorrect statements

The equilibrium price is the price at which the quantity supplied is ____ the quantity demanded

Which of the following is NOT one of the 5 rights of the Private Enterprise System

Managing money continuously through life in order to reach financial goals

Which of the following activities would contribute the least to your well‐being?

The following is an example of what (in regards to advertising)?

Canada's economy is a good example of a ___ economy

One of the 5 basic rights of Capitalism that allows consumers to buy what and where they want

In which of the 3 roles that you play, do you have a job and earn money?

A paid form of communication sent out by a business about its product

When consumers purchase something, they tell the business they "like it". This is called a

The skills, knowledge, andexperiences possessed by an individual