Vocab Terms
These are the things you can't life without
What are needs
The quantity of a good or service that consumer 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 citizens have the power to run business but some government intervention.
What is a mixed economy?
These are the things to want to accomplish in your life.
What are goals?
Things that you would like to have but are non necessary for living.
What are wants?
The quanitity of a product that consumer are willing to make
What is supply?
This type of advertising informs the public on the product. Often used in medical advertisments.
What is Informative advertising?
These are the creation of goods and services.
What is production?
This is the type of irrational purchase when a person makes it on a "Whim" without planning.
What is impulse buying?
The price at which quantity supplied equals quantity demanded
This law states that producers will make more of a product at a higher price than a lower price.
What is the law of supply?
This type of advertising compares one product to another like Ford vs Ferrari.
What is comparative advertising?
These are the things used to create goods or services.
What are resources?
These are the principles and standards that you live by.
What are values?
The difference between selling price and cost of producing a product. Also the term for the net money made by companies.
What is profit?
This law states that the lower a price of a product is, the more willing consumers are to purchase it.
The law of demand
This is the only legal type of deceptive advertising which is when there is an innocnet exaggeration about a product.
This type of economy is when the way to produce products is passed from one generation to the next.
What is a traditional economy?
These are the goals to achieve over a period of a few months.
What are short term goals?
Type of manufacturing that Walmart implemented that changed how goods are produced.
What is pull manufacturing?
Consumer are not buying a product becasue there is too much inventory, price will come down.
WHat is a surplus?
These are the two illegal types of deceptive advertising.
What are deceptive advertising and bait and switch?
This type of economy is where the government owns most if not all resources and makes all the decisions on products.
What is a command economy?
Lexi has a job where she can make $100 in one night but decides instead to spend the night relaxing. Her not making the $100 is the value of what she is missing out on, which is also called..
What is opportunity cost?