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100
A person who buys or uses a good or service.
What is a consumer?
100
The government owns most resources and makes most economic decisions.
What is a command economy.
100
Standard by which you live.
What is a value.
100
The quantity of a product that consumers are willing and able to buy at various prices during a given time period.
What is demand.
100
The creation of goods or services.
What is production.
200
A system that has characteristics of a market and a command economy.
What is a mixed economy.
200
The time between a person's birth and death.
What is a life span.
200
The study of how economic systems work.
What is economics?
200
A plan to reach long-term goals within a person's life.
What is a life-span plan?
200
What a decision making process will help you make.
What is a rational buying decision?
300
Something you would like but can live without.
What is a want?
300
The price at which the quantity of a product supplied exactly equals the quantity demanded.
What is the equilibrium price?
300
The difference between the cost of creating a product and the income received from sellling it.
What is profit?
300
The value of the next best alternative that is given up when a choice is made.
What is opportunity cost?
300
What businesses use to produce goods and services.
What is a resource?
400
Something you want to accomplish within a year.
What is a short-term goal?
400
The type of advertising that causes you to remember a particular brand name.
What is brand advertising?
400
Advertising designed to influence you to buy a particular product by educating you about the product's benefits.
What is Informative advertising?
400
Type of advertising that tries to win your favor by comparing its product's qualitiesto those of a competing product.
What is comparative advertising?
400
Type of advertising that uses counter attacks to respond to claims made by other companies.
What is defensive advertising?
500
Tye of advertising designed to appeal to your emotions to influence you to buy but doesn't provide much useful information.
What is persuasive advertising?
500
Innocent exaggeration in advertising.
What is puffery?
500
Advertising deliberately designed to mislead you.
What is deceptive advertising?
500
The contest among sellers to win customers.
What is competition?
500
The study of the role consumers play in an economic system.
What is consumer economics?