Defining Consumerism
The economic theory that links prosperity to consumer demand for goods and services.
What is Consumerism?
These messages try to influence consumer behavior through TV, internet, and billboards.
What is Advertising?
The total value of all goods and services produced in a country in a year.
What is Gross Domestic Product (GDP)?
In this economy, individuals and businesses make most of the economic decisions.
What is a market economy?
This type of economy includes private businesses but also government involvement in public services.
What is a mixed economy?
This term refers to the choices consumers make that reflect who they are
What is Identity
This marketing technique links a product to a famous person or expert
What are Testimonials?
The act of not buying a product to protest a company’s practices.
What is a Boycott?
Prices are mainly controlled by this economic force.
What is supply and demand?
North Korea, and the USSR are examples of what type of economies
What is a planned economy?
This measures the amount of wealth, comfort, and material goods available to a person or society.
What is Standard of Living
A marketing technique that makes a product seem too good to be true, using glittering phrases.
What are Glittering Generalities?
This part of the economy is unrecorded and untaxed by the government (e.g., paid cash).
What is the Underground Economy?
In a mixed economy, the government may control services like these.
What are healthcare, education, or public transit?
When supply increases and demand stays the same, prices usually....
what is decrease?
his measures the general well-being of individuals and societies, including health, education, and environment.
What is Quality of Life?
This technique persuades consumers to buy because "everyone else is doing it".
What is the Bandwagon Effect?
Identity
Health and Safety
Jobs
Environment
Marketing
Name one disadvantage of a planned economy.
What is lack of competition or limited consumer choice?
A drought will cause prices to.....
What is increases...
The idea that the more people buy, the better it is for the economy.
What is the theory of consumerism?
Creating a product that is designed to break or need replacing.
What is Planned Obsolescence?
These are two things consumer behavior directly impacts.
What are Producers and the Environment?
This is one disadvantage of a market economy?
What is unequal wealth or unemployment?
When both buyers and sellers agree on a fair price, the market reaches this.
What is equilibrium?