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3.02 Fashion Merchandising Flashcards | StudBud
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3.02 Fashion Merchandising
3.02 Fashion Merchandising
30 terms
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Flashcards
30 cards
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Questions
30
Answers
1
merchandise purchased by the consumer after comparison shopping
shopping goods
comparison goods
specialty goods
convenience goods
2
Products useful to consumers
consumer goods
competition
customers
consumer services
3
impulse items, emergency items, staple goods usually purchased in small quantities
specialty goods
product goods
convenience goods
shopping goods
4
a condition in which more goods and services are desired than are available
profit
services
shopping goods
scarcity
5
all the people who work in the economy
consumers
human resources
employees
natural resources
6
the money needed to start and operate a business and the goods used in the production
capital
bread
mula
finances
7
a market structure in which a few large competitive firms dominate the market
monopoly
free market system
oligopoly
inelastic demand
8
a market situation in which no single company is large or powerful enough to control prices
pure competition
indirect competition
single competition
direct competition
9
amount of goods producers are willing to produce and sell at a given price
elastic
demand
supply
inelastic
10
when demand decreases, prices will increase?
True
False
11
When products are readily available, prices are lower, resulting in lower profits
True
False
12
The fluctuations in the economy over periods of several years
demand
business cycle
economics
capital
13
supply of a good or service will decrease when demand is great and increase when demand is low
True
False
14
an economic system in which individuals not the government make important economic decisions
natural resources
capital
free market system
human resources
15
highest period of economic growth, low unemployment rate, high consumer spending
Recovery
Depression
Prosperity
Recession
16
amount of goods consumers are willing and able to buy at a given price
supply
elastic
inelastic
demand
17
People will pay more for goods in short supply
False
True
18
The value of what is given up when an economic choice is made
Scarcity
Demand
Opportunity Cost
Utlity
19
the money left over after costs, expenses, and taxes have been deducted from sales
supply
profit
utility
goods
20
the money left over after costs, expenses, and taxes have been deducted from sales
sales
funds
capital
profits
21
skills of people who are willing to take the risk of starting their own business
entrepreneurship
partnership
business owner
corporation
22
Products useful to consumers
Consumer Goods
Customer Goods
Store Goods
Industrial Goods
23
goods for which the consumer has a preference due to quality uniqueness or brand identification
convenience goods
merchandise goods
specialty goods
shopping goods
24
Usefulness provided by having a product available when it is needed
time utility
form utility
place utility
possession utility
25
items that physically made by manufacturers; tangible products
goods
services
merchandise
products
26
changes in the price of the product result in change in demand for the product
demand
elasticity
elastic demand
customers
27
extremely low consumer spending, high unemployment, drastic decrease in production of products
Depression
Prosperity
Recession
Recovery
28
When a product is in low demand, people will pay higher prices
False
True
29
competition between two or more retailers that utilize the same type of business format
law of supply and demand
competition
indirect competition
direct competition
30
People who buy products
customers
consumers
goods
supply
