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Chapter 1 Consumers
Chapter 1 terms
| Term | Definition |
|---|---|
| consumer | a person who purchases and uses goods and services |
| demand | the amount of goods and services people are willing to buy |
| goals | things you want to accomplish |
| good | a physical item that is produces and can be weighed or measured |
| economy | the ways in which people make, distribute, and use their goods are services |
| opportunity cost | A trade off, or what is given up when making once choice instead of another. |
| service | a task that a person or a machine performs for you |
| supply | the amount of goods and services available for sale |
| values | beliefs and principles you consider important, correct, and desirable |
| goals | The things you want to accomplish |
| short-term goals | Goals that take one year or less to achieve. |
| long-term goals | Goals that take more than five years to achieve. |
| needs | essential expenses required to meet basic living standards |
| wants | things you decide to buy, but don't actually need |
| rational decision-making process | uses objectivity and logic, rather than subjectivity and intuition, to achieve a goal. |
Created by:
swheeler9