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Chapter 3- Your role...
Vocab
13
Economics
9th Grade
11/30/2008

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Term
Consumer
Definition
any person or group that buys or uses goods and services to satisfy personal needs and wants
Term
Disposable Income
Definition
income remaining for a person to spend or save after all taxes have been paid
Term
Discretionary Income
Definition
money income a person has left to spend on extras after necessities have been bought
Term
Rational Choice
Definition
choosing the alternative that has the greatest value from among comparable-quality products
Term
Competitive Advertising
Definition
advertising that attempts to persuade consumers that a product is different from and superior to any other
Term
Informative Advertising
Definition
advertising that benefits consumers by providing useful information about a product
Term
Bait and Switch
Definition
ad that attracts consumers with a low-priced product, then tries to sell them a higher-priced product
Term
Comparison Shopping
Definition
getting information on the types and prices of products available from different stores and companies
Term
Warranty
Definition
promise made by a manufacturer or a seller to repair or replace a product withing a certain time period if found to be faulty
Term
Brand name
Definition
word, picture, or logo on a product that helps consumers distinguish it from similiar products
Term
Generic Brand
Definition
general name for a product rathe than a specific brand name givien by the manufacturer
Term
Consumerism
Definition
movement to educate buyers about the purchases they make to demand better and safer products from manufacturers
Term
Ethical Behavior
Definition
acting in accordance with moral convictions about right and wrong
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