Economics Chapter 3

any person or group that buys or uses goods and services to satisfy personal needs and wants

income remaining for a person to spend or save after all taxes have been paid

money income a person has left to spend on extras after necessities have been bought

choosing the alternative that has the greatest value from among comparable-quality products

advertising that attempts to persuade consumers that a product is different and superior to any other

advertising that benefits consumers by giving information about a product

ad that attracts consumers with a low-priced product, then tires to sell them a higher-priced product

getting information on the types and prices of products available from different stores and companies

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

word, picture, ore logo on a product that helps consumers distinguish it from similar products

general name for a product rather than a specific brand name given by the manufacturer

movement to educate buyers about the purchase they make and to demand better and safer products from manufacturers

acting in accordance with moral and ethical convictions about right and wrong