General terms
The term that combines goods and services
What are products?
Staplers for a stapler are considered this kind of good
What is a complementary good?
A plan for managing money
What is a budget?
A large store that sells many different types of products in one place
What is a department store?
Automatic payments set up in your internet banking account to pay recurring bills
What is direct debit?
The adjective we use to describe goods you can physically touch
What is tangible?
If you can't get butter, there's always margarine
What is a substitute good?
A product that is desired and not necessary for everyday living
What is a want?
After-sales service, ease of returns, and loyalty points and discounts are all part of this factor
What is customer service?
If you don't pay the full amount outstanding on your credit card bill each month, you will be charged this
What is interest?
What is capital?
Public hospitals and education are examples of these
What is a public service?
The next best alternative you give up when making a choice
What is opportunity cost?
The price that includes the manufacturer's cost, manufacturer's profit, wholesaler's profit and retailer's profit
What is the retail price?
A “buy now, pay later” service that lets you pay in instalments
What is Afterpay?
Goods that are used up relatively quickly and do not depreciate in value over time
What are non-durable goods?
Services provided by professionals who give specialised knowledge to help people make decisions
What are information services?
Shopping around to get the best deal
The money you have left over once you have paid your expenses
What is disposable income?
The role of a bank on a cheque
What is a drawee?
A product consumed at the time it is provided, such as a haircut or legal advice
What is a service?
A type of good that is more likely to be puchased by those with higher disposable income
What is a luxury good?
A purchase we make without prior planning
What is impulse buying?
Your capacity to pay your bills in the short term and handle financial challenges with relative ease
What is financial wellness?
A system that allows you to pay bills electronically through your bank account in Australia
What is BPAY?