commerce 2

    Master this deck with 15 terms through effective study methods.

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    Created by @iabfibui

    What defines a consumer?

    Engages in buying and using goods or services.

    What is a good?

    A physical item purchased to meet consumer needs.

    What is a service?

    An action performed to assist someone else.

    What is a need?

    An essential requirement for survival.

    What is a want?

    A desire that enhances quality of life.

    How do consumer decisions impact the economy?

    They influence production and drive demand.

    What happens if consumer spending increases?

    Businesses expand and the economy grows.

    What influences consumer decisions?

    Price, quality, convenience, and marketing.

    How does disposable income affect purchasing?

    Higher disposable income leads to more spending.

    What role do media influencers play in consumer behavior?

    They popularize products and shape trends.

    What is ethical consumption?

    Choosing products that are environmentally friendly.

    How do social and cultural factors influence purchases?

    Values and perceptions shape consumer behavior.

    What is the bargaining position of a consumer?

    The power a consumer holds in a transaction.

    What is the impact of age on consumer wants?

    Wants evolve as individuals grow older.

    What is the significance of consumer responsibility?

    Ensures informed decisions and ethical choices.