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ECONOMICS
study guide chapter 7 and 8
| Question | Answer |
|---|---|
| consumer | an individual who buys or uses up goods or services for his or her own use |
| producer | someone who makes goods or supplies services |
| consumption | something that takes place when individuals buy or use goods or services |
| consumer vote | something that occurs when a consumer buys a particular good or service |
| goods and services | those things that satisfy people's needs and wants |
| conspicuous consumption | excessive spending done to impress others |
| keeping up with the Joneses" | the spending to stay on the same social level as ones's friends and neighbors |
| necessities | the goods and services we need to exist |
| luxuries | goods and services that add to our enjoyment of life |
| advertising | the use of newspapers, magazines, radio and television to interest consumers in a product |
| personal selling | a method of selling directly to consumers |
| packaging | boxing or wrapping a product so as to make it appeal to consumers |
| creating demand | getting consumers to want something that they did not want before |
| bait and switch | offering a cheap item for sale when the real purpose is to sell a more expensive item instead |
| testimonial | advertising that uses a famous person to sell a product |
| pressure tactic | urging the consumer to buy right away before the price rises |
| bandwagon | doing things the way one's friends do them |
| 1- ch 8 - the main idea of this chapter is that advertising is .... | an Industry whose purpose is to create a demand for products. |
| imagine that you are a businessperson wishing to sell a product. Which of the following techniques for creating demand for your product would most likely reach the greatest number of consumers ? | advertising |
| which statement is true, according to this chapter ? | advertising can inform consumers |
| the main purpose of advertising is to .... | sell goods |
| which one of the following is an advantage of advertising for consumers ? | gives information |
| which one of the following is a disadvantage of advertising for consumers ? | may mislead buyers |
| according to this chapter, the consumer..... | must approach advertising with caution |
| 1- ch 7- a main idea of this chapter is that ... | consumer spending is important for the US economy |
| Olga bought a tie for Dad in Parson's Department store. In this example, who is the consumer ? | Olga |
| after the last bell rang, Bob left school,bought some ice cream,rode the bus home and telephoned Jane. Which of the items that Bob used is a good ? | the ice cream |
| in some ways, all, all consumers are alike. This is because all consumers..... | buy to satisfy their needs |
| which of the following is likely to decrease when consumer spending increases ? | unemployment |
| which of the following is the most important factor in determining how much a consumer will spend ? | size of income` |
| buying which of the following is an example of conspicuous consumption ? | expensive clothes or car |
| under which circumstance would you be most likely to buy an item that you want now, rather than wait for a later time ? | prices will rise |
| what is most likely to happen to the pattern of consumer spending as family income increases ? | the proportion of family income spent on necessities increases |
| which of the following purchases most of the nation's output of goods and services ? | consumers |
Created by:
lauryfuntasy