Values
The things you can't live without
Needs
a purchase made on a whim, without using a decision making process
Impulse purchase
There are how many economic systems?
4
anyone who buys or uses products
Consumer
the gradual increase in the earth’s average temperature
Global Warming
the things your would like to have but can live without
Wants
a choice made in an organized, logical manner
Rational Buying Decision
The economy where Parents Teach Children how to produce goods and services. Children the pass those skills onto their children
Traditional Economy
the consumer in charge
Consumer Sovereignty
Depletes supplies, endangers species, pollutes environment
Individual waste
Working for business that respects its employees
Work Values
The decision making process has this many steps
5
the economy where PEOPLE, rather than the government, own the resources and RUN THE BUSINESS
Market Economy
the type of advertising that Gets you to remember a particular brand name
Brand Advertising
water, natural oil, heating oil and gas are all examples of what?
Natural resources or Raw materials
Work in or create a business that promotes heritage
Cultural Values
This process urges you to Identify needs and wants you are trying to fulfill.
specify
This economy is a mixture of market economy and a command economy.
Mixed Economy
Type of advertising that tells you why the product is better than another.
20% more, cheaper, more efficient.
Comparative Advertising
Considering how your choices affect the use of resources and their impact on the environment makes you a _______ _________
responsible consumer
The value of the next best alternative
Opportunity cost
This is the step where you Evaluate options and Consider opportunity cost.
sift
Occurs when consumer’s wants are greater than resources available to satisfy those wants
Scarcity
Type of advertising often used to respond to claims made by other companies
Politicians love these
Defensive Advertising
We can encourage _______ _________ by buying fuel-efficient cars: Car manufacturers will design and manufacture cars the are more fuel-efficient
business responsibility