Consumers - The Engine that Runs the Economy

The value of the next best alternative regarding choices

The environment has no effect on health or quality of life

What is puffery?

Quantity of product producers make available for sale at different prices in given time period

Advertising that educates about its product's qualities

The government tells you what to produce

Things you want to accomplish in life

To cover the cost of advertising the price of a product must be increased

The law of demand says consumers will demand less of a product at a lower price

The contest between businesses to win customers

Raw materials, labor, knowledge, equipment

People own the resources and run the businesses

The decision making process helps you approach buying decisions in a disorganized manner.

Purchase made on a whim

Advertising that compares products to a competitor's products

The way resources are distributed to produce goods and services

Mixed Economy is a mixture of market economy and ___________ economy

Wants are things you cannot live without

Intentional misleading advertising is illegal

A blue house is made of blue bricks, a yellow house of yellow bricks, a green house is made of?

Equilibrium price for a product is the price at which the quantity supplied is

Tribes in remote areas live in

A person's values change as they age

Difference in cost to produce an item and money received from selling it

Mixture of market and command economy