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economics flashcard

Chapter 5 test 3-23-15

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