well you know and understand each Key Term. q I know and understand this Key Term.
q I am still a bit uncertain about what this Key Term means. q I don’t understand this Key Term yet.
When you revise each chapter, tick the boxes again to indicate how much you have learned.
1. 2. 3. 4. 5.
6. 7. 8. 9.
10. 11. 12. 13.
A consumer is anyone who purchases goods or services for their own use.
Consumer needs are things that we generally cannot do without.
A budget is a plan of how much money you are prepared to spend.
A false economy is when we purchase a cheaper product, but it turns out to be more expensive in the long term.
A brand is the distinctive name and logo that producers put on their products, services or businesses.
An impulse purchase occurs when we make a sudden, unplanned decision to buy something.
Below-cost selling is when retailers sell a product at a lower price than they paid for it. This means that they are selling it at a loss.
A guarantee is a promise from the manufacturer or seller to offer a refund or a replacement to anyone who purchases faulty goods within a specific period of time.
A warranty is an additional promise from a manufacturer or seller to repair any faulty goods within a specific period of time (e.g. 24 months).
Informative advertising simply gives you information about a product, such as size, colour and availability.
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Consumer wants are all the things that we would like to have, but that are really not essential.
q q q q q q q q q The unit price is the price of a single amount of something. q q q q q q
Conspicuous consumption refers to spending in an extravagant way with the deliberate intention of trying to impress others. q q q
