VOCAB
An individual who purchases and uses goods and services to satisfy wants and need.
CONSUMER
A good such as water or food is what type of good?
NECESSITY
What are quantifiable statics detailing an individual’s current status, such as age, gender, ethnicity, occupation and income.
DEMOGRAPHICS
A company that sells sports drinks wants to advertise directly to high school athletes. They design their ads for students between 14–18 who play sports.
TARGET MARKET
Groups to which an individual looks as a source for personal standards, affirmation, or validation.
REFERENCE GROUP
Something that produced, physical products.
GOODS
Sam skips buying a new video game so he can use the money for a concert ticket instead.
OPPORTUNITY COST
A specific group for which a business's products, services and marketing efforts are intended for.
Target Market
A teenager starts dressing like a popular music group because they admire and look up to them.
REFERENCE GROUP
The study of the production, distribution and consumption of goods and services.
ECONOMICS, study of the economy
What are actions performed for a client.
SERVICES
When given two different brands of bottled water, Emma chooses the one she believes tastes cleaner, even though both are identical.
PERCEPTION
The process in which an individual creates personal experience by selecting, organizing and interpreting information in their own way.
PERCEPTION
In another country such as Japan, people always greet each other with a bow instead of a handshake. This is an example of what?
CULTURE
A consumer’s desire and ability to purchase a good or service.
DEMAND
A type of good for which demand WILL NOT change in relation to price.
NECESSITY
A toy store sells action figures, board games, and puzzles. Good or Service?
GOOD
An energizing force which causes an action to satisfy a need.
MOTIVATION
A hairdresser styles Sofia’s hair for her birthday party. Service or Good?
SERVICE
The amount of a good or service available for purchase.
SUPPLY
A type of good whose demand decreases with an increase in income. You are making more money now and decide to eat out somewhere nicer.
INFERIOR GOOD
An app developer creates a video editing app for students. Good or Service?
SERVICE
Set of symbols, rules and values which are formed by a group of people and transmitted to the next generation.
CULTURE
Which one would an accountant most likely use?
1. Google Slides
2. Google Sheets
3. Google Forms
4. Google Docs
The cost of making an investment which is the difference between the return on one investment and the return on an alternative.
OPPORTUNIY COST