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Chapter 24

Consumer Economics B1

TermDefinition
Bait and Switch an illegal Sales technique in which a seller advertises a product with the intention of persuading consumers to buy a more expensive product
Capitalism A type of hands-off economic system in which producers and consumers are free to operate and compete in business transactions with minimal, if any, goverment interference or regulation
Communism (Communist Economic System) A type of hand-on economic system in which the government owns and controls most, if not all, of the productive resources of a nation
Competition The rivalry among sellers in the same marker ro win customers
Deception Occurs when false or misleading claims are made about the quality, the price, or the purpose of a particular product
Economy All activities related to the production and distribution of goods and services in a geographic area
Impulse Buying Buying something without thinking about it and making a conscious decision
Loss Leader An item of merchandise marked down to an unusually low price, sometimes below the store's cost
Market Economy A type of economic system where both market forces (based on individual freedoms) And government decisions determine which goods and services are produced and how they are distributed
Opportunity Cost The value of your next best choice - What you are giving up
Pyramid Scheme A multilevel marketing plan that promises members (distributors)
Redress internal complaint-handling procedures through which consumers seek compensation or to rectify the problems that occur during e-commerce transactions
Scarcity Consumers place a higher value on goods that are scarce than on goods that are abundant
Traditional Economic System consumers and businesses decide what they want to produce and purchase in the marketplace without any influence or interference from a government or other outside body.
Created by: Raul_Aquino
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