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Smart Shopping

TermDefinition
Consumer is anyone who purchases goods or services for their own use
consumer needs are things that we generally cannot do without
Consumer wants are all the things that we would like to have but that are really not essential
Budget Is a plan of how much money you are prepared to spend
False Economy Is when we purchase a cheaper product but it turns out to be more expensive in the long term
Unit Price Is the price of a single amount of something
brand IS the distinctive name and logo that producers put on their products services or businesses
Conspicuous consumption spending in an entravagant way which the deliberate intention of trying to impress others
Impluse purchase when we make a sudden unplanned decision to buy something
Below cost selling when retailers sell a product at a lower price than they paid for it
Guarantee Is a promise from the manufacturer or seller to offer a refund or a replacement to anyone who purchases faulty goods within a specific period of time
Warranty IS an additional promise from a manufacturer or seller to repair any faulty goods within a specific period of time
Informative advertising Simply gives you information about a product such as size colour and availability
Persuasive advertising Tries to convince you that you really need a product
Legal tender That the notes and coins must be accepted as payment by retailers if offered by a customer
Deposit Small part of the cost of the product which will reserve the product for you until you return and pay the rest of the money owned
Electronic Funds Transfer Allows money to be transferred from one bank account into another account
Electronic Fund Transfer at the point of sale Refers to all the systems that allow customers to pay money electronically in shops
Created by: dunnejl1
Popular Finance sets

 

 



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