Consumer Economics B1
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| Bait and Switch | an illegal Sales technique in which a seller advertises a product with the intention of persuading consumers to buy a more expensive product
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| Capitalism | A type of hands-off economic system in which producers and consumers are free to operate and compete in business transactions with minimal, if any, goverment interference or regulation
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| Communism (Communist Economic System) | A type of hand-on economic system in which the government owns and controls most, if not all, of the productive resources of a nation
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| Competition | The rivalry among sellers in the same marker ro win customers
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| Deception | Occurs when false or misleading claims are made about the quality, the price, or the purpose of a particular product
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| Economy | All activities related to the production and distribution of goods and services in a geographic area
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| Impulse Buying | Buying something without thinking about it and making a conscious decision
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| Loss Leader | An item of merchandise marked down to an unusually low price, sometimes below the store's cost
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| Market Economy | A type of economic system where both market forces (based on individual freedoms) And government decisions determine which goods and services are produced and how they are distributed
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| Opportunity Cost | The value of your next best choice - What you are giving up
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| Pyramid Scheme | A multilevel marketing plan that promises members (distributors)
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| Redress | internal complaint-handling procedures through which consumers seek compensation or to rectify the problems that occur during e-commerce transactions
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| Scarcity | Consumers place a higher value on goods that are scarce than on goods that are abundant
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| Traditional Economic System | consumers and businesses decide what they want to produce and purchase in the marketplace without any influence or interference from a government or other outside body.
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