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economics flashcard
Chapter 5 test 3-23-15
| Question | Answer |
|---|---|
| seek wise | council |
| wait ____ before making a major purchase | overnight |
| borrowing money and paying over time | financing |
| number of advertisements a person views daily | 3,000 |
| Spend $60 on the latest video game, or give $60 to charity | opportunity cost |
| Caveat Emptor | buyer beware |
| an amount of money spent that causes some pain | significant purchase |
| creates consumer awareness for a trademark or product | branding |
| Four Major Ways | 1. personal selling 2. money and easy interest rate as a marketing tool 3. internet, television, radio, and other media 4. product positioning |
| true or false: color is a product positioning technique used to get the buyer's attention | true |
| true or false: advertising slogans that have been around for a long time no longer work | false |
| true or false: answering a question with a question is the sign of a well-trained salesperson | true |
| true or false: typically, "90 days same-as-cash" contracts convert to payments with interest up to 24% APR. | true |
| what percentage rate fail to do that? | 88% |
| true or false: the opportunity cost of purchasing a new cell phone could be the purchase of a new prom dress | true |
| Know the difference between a want and a need | a need is something you cannot live without a want is something you can |
| What are the four walls? | food, shelter, transportation, and utilities |
| Describe the five steps to follow before making a significant purchase | 1. seek wise council, 2. wait overnight before making a major purchase, 3. don't buy something you don't understand, 4. opportunity cost, 5. consider your motives |
| look over the case studies | |
| 4 product positioning techniques | 1. brand recognition, 2. color, 3. shelf position, 4. packaging |
| A "significant purchase" is normally over ___ | $300 |
| Always remember if you can't pay cash,.. | you can't afford it |
| For every hour of television per week you watch, you spend an average of how much extra each year? | $200 |
| We all have that spoiled, red-faced, grocery store kid living inside us. What is his name? | immaturity |
| What are thought to be the most effective medium for mass market advertising? | television ads |
| The average consumer takes how long to pay off holiday bills? | at least 6 months |
| What percent of christmas shoppers will still be paying off the bills come next christmas? | 25% |
Created by:
a.allsup
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