Consumers

Values

100

The things you can't live without

Needs

200

the things your would like to have but can live without

Wants

300

Working for business that respects its employees

Work Values

400

• 
  

  • Work in or create a business that promotes heritage

Cultural Values

500

• 
  

  • The value of the next best alternative

Opportunity cost

Decisions

100

• a purchase made on a whim, without using a decision making process

Impulse purchase

200

a choice made in an organized, logical manner

Rational Buying Decision

300

The decision making process has this many steps

5

400

This process urges you to Identify needs and wants you are trying to fulfill.

specify

500

This is the step where you Evaluate options and Consider opportunity cost.

sift

Economic Systems

100

There are how many economic systems?

4

200

The economy where Parents Teach Children how to produce goods and services. Children the pass those skills onto their children

Traditional Economy

300

the economy where PEOPLE, rather than the government, own the resources and RUN THE BUSINESS

Market Economy

400

This economy is a mixture of market economy and a command economy.

Mixed Economy

500

Occurs when consumer’s wants are greater than resources available to satisfy those wants

Scarcity

Consumer's Role and Advertising

100

• anyone who buys or uses products

Consumer

200

• the consumer in charge

Consumer Sovereignty

300

the type of advertising that Gets you to remember a particular brand name

Brand Advertising

400

• 
  

  • Type of advertising that tells you why the product is better than another.

  • 20% more, cheaper, more efficient.

Comparative Advertising

500

• 
  

  • Type of advertising often used to respond to claims made by other companies

  • Politicians love these

Defensive Advertising

Responsible Consumerism

100

• the gradual increase in the earth’s average temperature

Global Warming

200

• 
  

  • Depletes supplies, endangers species, pollutes environment

Individual waste

300

water, natural oil, heating oil and gas are all examples of what?

Natural resources or Raw materials

400

• Considering how your choices affect the use of resources and their impact on the environment makes you a _______  _________

responsible consumer

500

We can encourage _______   _________ by buying fuel-efficient cars: Car manufacturers will design and manufacture cars the are more fuel-efficient

business responsibility