Exam 1: Consumers in a Changing World

What are the five parts to the consumption process?

Consumption only takes place in a store between a buyer and a seller.

Unlimited wants combined with limited supplies create_____________ , a condition in which there is an insufficient amount or supply.

Things that are deemed necessary are called _____________.

The study of or science of production, distribution, and consumption is known as

Individuals or groups such as families who obtain, use, maintain, and dispose of products and services, to increase life satisfaction and fulfill needs are known as_____________.

Intangible actions like work done to satisfy or provide for others are called

A market economy is also referred to as capitalism.

The law of demand states that as the price of a good or service rises, the quantity demanded rises.

Explain Maslowʹs hierarchy of needs.

A(n)_____________is anything a consumer acquires or perceives to need.

Things wished for or desired are called _____________.

According to the textbook, it is estimated that what percentage of purchased products is never used?

Define opportunity cost and give an example.

What are the two parts to e-commerce? Briefly describe each.

Demographics refer to the data used to describe populations or subgroups.)

All of the following are parts of the business cycle EXCEPT

What is consumer economics?

Information search is a good idea, but can be costly.

Consumer mediated environments (CME)refers to