Chp. 3 Consumer Decision Making

This is when consumers are really frugal & only purchase the necessities

These are examples of this coupons, free samples, customer loyalty

What country has experienced hyperinflation in the past?

Consumers can read the instructions to use the product safely

This is a multi level marketing scheme where the products don't work

This makes sure all vehicles can pass crash tests

This is calculated by taking the price of common goods & seeing how much the price has increased

Consumers can get a refund or new product if the original product doesn't work

This is also known as marketing. Informing consumers about a product

Your purchasing power decreases as inflation increases

This makes sure all food & drugs are safe to use

profit that allows a business to survive & grow

Market based pricing, pricing based on a competitive price

Walmart promises "Everyday low prices" no matter what day it is

Consumers can voice complaints if they product doesn't work

This is how much product a country has produced within one year.

This is when a person convinces you to give up money or personal information for a sum of money

This is when you plan out your purchases.

This protects your education information

This protects your medical information

The products should not injure the consumer

This is how a brand differentiates itself from other brands

This is to protect consumers from deceptive & misleading advertising & products

adding a percentage/amount to the original cost of the item

This is when a person convinces you to give them money & your money is used to pay off previous investors

Ads can be found on tv, radio, social media, public transportation, & more.

This is when you buy something on a whim. Think about candy at checkouts.

What is NOT a strategy for purchasing products?

Consumers should be able to access food, clothing, shelter, healthcare, education.

This is when a product is on super sale just to get you in the store to purchase other products.

Prices are set by computing the price per unit

What is NOT part of the patient bill of rights?

What is true about a market economy?

Value based pricing, pricing based on the value of a product to a customer.

Consumers can read reviews to purchase the best product

Lots of people feel this after purchasing a new car or house because they cost so much.

This tactic is when a business lures you into hte store for a product & convinces you buy a more expensive product.

Prices are set high to recover costs for research & development

Amazon does this when they advertises deals for prime days but it's not a deal.

This is how the prices of goods have increased over time

Consumers should be able to learn basic economic concepts.

This is when consumers are try to get the most of of each dollar