Flashcards
vocab 1
Cards in this deck (21)
- 1communist economic systemthe government owns and controls most of, if not all, of the productive resources of a nation
- 2socialist economic systemcharacterized by a large degree of government control of many of the decisions within the nation
- 3traditional economic systemthe people decide what decisions will be made and how they will be made
- 4capitalisman economic system in which producers and consumers are free to operate and compete in business transactions with minimal, if any, government interference or regulation
- 5market economyboth market forces and government decisions determine which goods and services are produced and how they are distributed
- 6scarcityconsumers' wants are unlimited, while the resources for producing the products to satisfy these wants are limited
- 7competitionthe rivalry among sellers in the same market to win customers
- 8monopolya market with many buyers buy only one seller
- 9moneyanything that can be used to settle debt
- 10fiat moneybacked by faith in the general economy and government of the country
- 11deceptionoccurs when false or misleading claims are made about the quality, the price, or the purpose of a particular product
- 12bait and switchan illegal sales technique in which a seller advertises a product with the intention of persuading consumers to buy a more expensive product
- 13fake saleoccurs when a merchant advertises a big sale but keeps the items at regular price or alters the price tags to make them look like there has been a price reduction
- 14low-ballinga technique whereby a company advertises a product or service at a low price to lure in customers and then attempts to persuade them that they need additional products or services
- 15pyramid schemea multilevel marketing plan that promises members commissions from their own sales and those of other members they recruit
- 16pigeon dropa scam in which a con artist convinces people to give up their money in return for a share of a larger sum of money
- 17ponzi schemea fraudulent investment operation in which money collected from new investors is used to pay off earlier investors
- 18informerciala lengthy paid TV advertisement that includes testimonials and product demonstrations
- 19clearancethe merchant wants to clear out all of the advertised merchandise, but not necessarily at a reduced price
- 20liquidationmeans that the merchant wants to sell the inventory immediately to turn it into cash
- 21redressa remedy to a problem
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- consumer ed Flashcards on vocab 1, created by Cooper Kane on 05/02/2019.
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- Cooper Kane
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