Vocab Terms
These are the things you can't live without
What are needs?
The quantity of a good or service that consumers are willing to buy
What is demand?
This type of advertising is when companies make you remember the brand name
What is brand advertising?
The U.S is this type of economy where citiznes have the power to run business while also have government intervention.
What is mixed economy?
Things that you would want to have but are not necessary for Survival
What are wants?
The quanitity of a produce that consumers are willing to make
What is supply?
This type fo advertising informs the public on the product
What is informative advertising?
These are the creation of goods and services
What is production?
The price at which quantity demanded equals quantity supplied
This Law states that producers will produce more of a product at a higher price than lower price
What is Law of Supply?
This type of advertising compares one producer to another
What is comparative advertising?
These are things used to create goods or services
What are resources
The money you bring after subtracting costs from revenue
WHat is profit?
This law states that the lower a price of a produce is the more willing consumers are to purchase it.
What is Law of Demand?
This legal type of advertising is when there an is an innocent exaggeration of a product or service
What is puffery?
type of economy where the ways to produce things is passed down from one generation to the next
What is traditional economy.
Lexi has a jab where can make $100 in one night but instead decides to go spend the night relaxing instead. Here not making the $100 is the value of what she is missing out on which is also called...
What is opportunity cost?
Customers are not buying enough product and there is too much inventory, prices will then come down
What is a surplus?
This is the form of deceptive advertising involves the seller drawing the buyer in on a deal and the upselling them someting else
What is bait and switch?
Type of economy where the government owns most if not all of the resources.