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Unit 3 Terms- Econ.

TermDefinition
Consumer any person or group that buys or uses goods and services to satisfy personal wants and needs
Disposable Income = paycheck- taxes
Discretionary Income = paycheck- taxes- bills/necessities
Competitive Advertising tries to say that the product is different and superior than the other. These ads appeal to emotions.
Informative Advertising gives information about a product
Bait and Switch; deceptive advertising the ad tells you about a really low price for a product. You get there and the store sold out, or the salesman tries to sell you a higher priced product
Warranties Promise made by the seller to repair or replace a product during a certain time period
Brand Name word, picture, or logo on a product setting it apart from similar products
Generic Brands general name for a product rather than a specific brand name
Consumerism movement to educate buyers about the products they buy, and to demand better safer products
Created by: williscallip
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