Economics
Economic inflation
What is the increase in prices over time
The definition of unit pricing OR an example of unit pricing
What is the cost of a consumer product in terms of a standard unit of measure
Example: Ground beef priced at $10.01 per pound
One advantage of shopping online (rather than in-person)
What is any of the following:
- Ability to shop 24/7
- Fast and easy price comparisons
- More variety of products and services
- Online sales and discounts
- Availability of reviews
2 examples of fixed expenses
What are any 3 of the following:
- Rent (or mortgage) payments
- Car payments
- Subscriptions (Netflix, Hulu, Amazon Prime, etc.)
Before making a large purchase, it is important to consider whether the purchase qualifies as a w___ or a ____
What is a want or a need
Economic deflation
What is the decrease in prices over time
Impulse buying
What is an unplanned and/or spontaneous purchase
3 ways, other than radio broadcasts, that sellers advertise their products and services to us
What are any 3 of the following:
- Social media marketing
- Search engine optimization
- Display
- Product arrangements / window displays
- Direct mail
- Email/text messaging
- Broadcast (TV/streaming/radio)
Popular YouTube streamer IShowSpeed played through a video game called Elden Ring. During his streams, he received income from viewer subscriptions and donations, as well as his viewers clicking on digital a____________.
What are advertisements
When supply exceeds demand, there is a _______ of a product or service
What is a surplus
Supply
What is the quantity of a product or service that is available for purchase
Emotional buying
What is purchasing based on personal desires, social and cultural influences, branding and marketing strategies, and psychological triggers (rather than on rational thought)
Someone has committed fraud when they _______ to gain something
What is any of the following:
- Knowingly misrepresent
- Lie
- Deceive
- Conceal facts (in order to deceive)
3 examples of income
What are any 3 of the following:
- Wages from a job
- Tips from a job
- Bonuses from a job
- Investment interest (Certificates of deposit, bonds, etc.)
- Rental property income
- Capital gains (stocks, crypto, etc.)
- Government benefits (social security, unemployment, disability)
(Economics) As price goes down, ______ goes up
What is supply
Demand
What is the consumers' desire to purchase a product or service
Rational buying
What is buying based on logical reasoning and practical considerations
Example, focusing on cost, value, features, brand reputation, consumer reviews, and recommendations
2 disadvantages to shopping online (rather than in-person)
What are any 2 of the following:
- Shipping costs
- Shipping times/delays
- Can't test products before buying
- Chance of online fraud
- Risk of porch/delivery theft
3 examples of variable expenses
What are any 3 of the following:
- Food
- Gas
- Clothing
- Utilities (gas/electric/trash/recycling)
- Dining out / restaurants / Uber eats
- Entertainment (theatres, attending sports events, etc.)
(Economics) As price goes up, consumer ______ goes down
What is demand
When demand exceeds supply, there is a ______ of a product or service
What is a shortage
Buyer's remorse
What is the sense of regret after having made a purchase
Frequently associated with the purchase of an expensive item such as a vehicle or real estate
The 4 main steps to the consumer complaint process?
What are:
Communicate with the seller
Escalate to the seller's manager
Seek assistance from a third party
Take legal action
Maria can find a list of her fixed expenses by looking at _____________
What is any of the following:
- her bank statement
- her credit card statement
What is the formula to calculate unit price?
What is Total Quantity divided by Total Price
Unit price = [Total Quantity] / [Total Price]