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Unit 3 Terms- Econ.
Term | Definition |
---|---|
Consumer | any person or group that buys or uses goods and services to satisfy personal wants and needs |
Disposable Income | = paycheck- taxes |
Discretionary Income | = paycheck- taxes- bills/necessities |
Competitive Advertising | tries to say that the product is different and superior than the other. These ads appeal to emotions. |
Informative Advertising | gives information about a product |
Bait and Switch; deceptive advertising | the ad tells you about a really low price for a product. You get there and the store sold out, or the salesman tries to sell you a higher priced product |
Warranties | Promise made by the seller to repair or replace a product during a certain time period |
Brand Name | word, picture, or logo on a product setting it apart from similar products |
Generic Brands | general name for a product rather than a specific brand name |
Consumerism | movement to educate buyers about the products they buy, and to demand better safer products |