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Econ. Ch. 3 Vocab.
| Question | Answer |
|---|---|
| consumer | any person or group that buys or uses goods and services to satisfy personal needs and wants |
| disposable income | income remaining for a person to spend or save after all taxes have been paid |
| discretionary income | money income a person has left to spend on extras after necessities have been bought |
| rational choice | choosing the alternative that has the greatest value from among comparable-quality products |
| competitive advertising | advertising that attempts to persuade consumers that a product is different from and superior to any other |
| informative advertising | advertising that benefits consumers by providing useful information about a product |
| bait and switch | ad that attracts consumers with a low-priced product, then tries to sell them a higher-priced product |
| comparison shopping | getting information on the types and prices of products available from different stores and companies |
| warranty | promise made by a manufacturer or a seller to repair or replace a product within a certain time period if it is found to be faulty |
| brand name | word, picture, or logo on a product that helps consumers distinguish it from similar products |
| generic brand | general name for a product rather than a specific brand name given by the manufacturer |
| consumerism | movement to educate buyers about the purchases they make and to demand better and safer products from manufacturers |
| ethical behavior | acting in accordance with moral convictions about right and wrong |
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hcmeek
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