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Economics 1 Flashcards | StudBud
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Economics 1
Celebrity endorsement
Snob Appeal
Economics 1
20 terms
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Test your knowledge on fundamental concepts in economics
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Snob Appeal
What is popular and what a large group of people are using
Buy this product and have fun in your life
Product being displayed with a celebrity
You will feel left out without it
2
Celebrity endorsement
Product being displayed with a celebrity
What is popular and what a large group of people are using
You will feel left out without it
Buy this product and have fun in your life
3
Happy Times
Buy this product and have fun in your life
Product being displayed with a celebrity
What is popular and what a large group of people are using
You will feel left out without it
4
What are UPFs?
Ultra Processed Foods
Ultraviolet Protection Factor
Uniquely Powerful Frogs
Under Processed Foods
5
What is the purpose of a package?
To sell an object
Used to protect and present an object
To keep things from spilling
To hold an object
6
Products marketed under a specific name by a manufacturer with widespread distribution:
Consumer
Impulse Buy
National Brand
Store Brand
7
Which factor affects demand the most?
Production costs
Consumer income
Market competition
Government regulations
8
An individual who purchases goods or services for personal use
National Brand
Consumer
Impulse Buy
Store Brand
9
Average people who endorse products on social media
Influencer
Emotional Appeal
Bandwagon
Celebrity Endorsement
10
Labeling that provides customers with product information that is quick and easy to understand
Back Packaging
Front Packaging
Brand Clarity
E-commerice
11
Labeling that provides customers with detailed lists and facts about the product.
Brand Clarity
Back Packaging
Front Packaging
E-commerice
12
What do primary-colors symbolize on packaging?
For children
Recycling
High-class
For adults
13
What does GDP stand for?
Gross Domestic Product
Government Debt Proportion
General Development Plan
Global Debt Policy
14
Refers to unplanned purchases made spontaneously by consumers:
Consumer
Store Brand
National Brand
Impulse Buy
15
Who dictates prices for the farmers?
The grocery stores
The consumers
Corporations
The government
16
What is the purpose of a container?
To sell an object
To keep things from spilling
Used to protect and present an object
To hold an object
17
Products created and marketed by retailers to compete with national brands
Store Brand
Consumer
National Brand
Impulse Buy
18
What makes a product iconic?
It is widely recognized and well-established
It has no competition
Its vibrant colors
It is growing
19
True or false: Supply always equals demand.
True
False
20
Bandwagon
You will feel left out without it
What is popular and what a large group of people are using
Buy this product and have fun in your life
Product being displayed with a celebrity
