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PF Ch 8: Shopping

Vocabulary terms from Chapter 8

TermDefinition
Auction public sale in which property or items of merchandise are sold to the highest bidder
Consignment Shop retail store where people sell items and the owner of the shop gets a percentage of the sale.
Estate Sale type of yard sales with more items, usually the entire contents of a household
Foreclosure process by which the holder of a mortgage sells the property of a homeowner who has not made interest and/or principal payments on time as stipulated in the mortgage contract
Integrity having to do with a person’s honesty and moral attributes
Markup the difference between the wholesale price and retail price
Negotiating to bargain for a lower price
Patience the ability to wait or delay an action without becoming upset or annoyed
Walk Away Power the ability to walk away from a purchase when negotiating
Win-Win a negotiation where both parties benefit
Created by: mgarda