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Commerce > Consumer Choice > Flashcards

Consumer Choice Flashcards

1
Q

What are 3 commercial decisions?

A

+ Getting Insurance
+ Taxes
+ Saving accounts - which one provides the best features?

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2
Q

How can consumers make wise decisions ?

bullet point form

A

+ Going to School
+ Comparison Shopping ( looking around and seeing whats cheaper)
+Budgeting

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3
Q

What makes it difficult for consumers to make decisions?

A

More choices being available for consumers makes it difficult.

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4
Q

What are 3 basic questions you should consider before buying something?

A
  1. Do i really want this item?
  2. Can i afford this item?
  3. Is there something better
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5
Q

What is impulse buying?

A

The buying of goods without planning to do so

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6
Q

What is comparison shopping?

A

Looking around at different stores to get the best deal for that product.

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7
Q

What are 4 things you need to do when making a major purchase?

A

Compare the price
Quality
Availability
After-sales service.

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8
Q

What are some types of goods?

A

Consumables
Household Goods
Luxury items

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9
Q

What are some types of services?

A

Repair services

Information services.

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10
Q

What is something you also have to consider other than its price?

A

Its quality

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11
Q

What will usually happen if you make a quick decision

A

You often waste your money

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12
Q

What are 3 rules for comparison shopping?

A

Think carefully about what you want
Look around for the best deal
Compare products in different shops

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13
Q

What are 3 more rules?

A

Look at the products features
Don’t sign anything you don’t understand
Decide how you want to pay

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14
Q

Whats very important to do after you purchase an item?

A

To keep all the invoices and receipts

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15
Q

What is the most basic financial decision

A

: How much of their income to save and how much to spend.

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16
Q

Finish the sentence

People should have a…

A

budget for managing their income

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17
Q

Finish the sentence

Having a financial plan can…

A

improve peoples wellbeing and qaulity of life

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18
Q

Finish the sentence

Consumers that don’t have a budget lose money fast because…

A

they spend it on their wants and not their needs.

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19
Q

What is Income?

A

Income is money received on a regular basis from a persons work or investments

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20
Q

What are 2 Environmental decisions?

A

Aim to protect the enviroment

Recycling

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21
Q

What are some business decisions

A

Compare suppliers
Look at the location of the store
Target people with disposable income.

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22
Q

What are some employment decisions

A

Do you have intrest in it?

Is it good for your future/

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23
Q

What is a durable good?

A

Goods that have a long lifespan

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24
Q

What are non-durable goods?

A

Goods that are manufactured to not last for a long time.

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25
Q

What are complementary goods?

A

Goods that are consumed together

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26
Q

What are substitutes?

A

products that can be consumed as alternatives to each other.

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27
Q

What are examples of durable goods?

A

Machines, Furniture, Cars

28
Q

What are examples of non- durable goods

A

newspapers, pens, packaging

29
Q

What is an example of complementary goods

A

tomato sauce and meat pie

30
Q

what is an example of a substitute

A

butter & margarine

Glue or stick tape

31
Q

What are some positives of durable goods

A

last longer and bought less frequently

32
Q

What are some positives of non-durable goods

A

less expensive

33
Q

What are some positives of complementary goods

A

you cab buy it all in one go

34
Q

What are some positives of substitutes

A

its cheaper

35
Q

what are some disadvantages of durable goods

A

tend to lose value over time

36
Q

what are some disadvantages of non-durable goods

A

they need to be bought more frequently

37
Q

what are some disadvantages of complementary goods

A

you have to buy more than one product

38
Q

what are some disadvantages of substitutes

A

cant meet peoples demands

39
Q

What is the steps in the distribution process

A

manufacturer
wholesaler
retailer
consumer

40
Q

What are some examples of general (corner) stores

A

7 eleven, Caltex, convenience

41
Q

what are some advantages of general stores

A

focus on selling only selling connivence goods

42
Q

what are some disadvantages of general stores

A

rising of retail stores means a lot of general stores closed

43
Q

What are some examples of supermarkets

A

Woolworths, Coles, Aldi, IGA

44
Q

What are advantages of supermarkets

A

they sell a big variety of food and other household items

45
Q

What are some disadvantages of supermarkets

A

they can take over general stores

46
Q

What are some examples of department stores

A

David Jones, Myer

47
Q

What are advantages of department stores

A

retail stores divided into smaller units

selling wide range of goods

48
Q

What are disadvantages of department stores

A

Designed to maximise number of products purchased

49
Q

What are some examples of Discount stores

A

Target, Kmart and Big W

50
Q

What are advantages of discount stores

A

offer products for cheaper

51
Q

what are disadvantages of discount stores

A

the quality of a product

52
Q

What are some examples of speciality stores

A

Rebel, Nike, Adidas or Cotton - On

53
Q

What are advantages of speciality stores

A

These stores don’t form from a larger company

54
Q

What are some disadvantages of specialty stores

A

Difficulties competing major retail chains

55
Q

What are some examples of category killers

A

Office Works, Toy R us, Bunnings,

56
Q

What are advantages of category killers

A

they attempt to undercut prices from other retailers

57
Q

what are disadvantages of category killers

A

no varites

58
Q

what are some examples of franchises

A

Maccas, KFC, Subway

59
Q

Advantages of Franchises?

A

Cheap and Fast

60
Q

Disadvantages of franchises?

A

Mostly unhealthy

61
Q

What are some examples of Periodic Markets?

A

Paddys Markets, Flemington Markets

62
Q

Advantages of periodic markets?

A

Allows customers to bargain and bulk buy to save money

63
Q

Disadvantages of periodic markets?

A

Sometimes bad quality

64
Q

what is direct marketing

A

where goods are sold directly to a customer

65
Q

What are the features of a simple contract for the seller

A

Offer - clearly communicate their intention
Acceptance - accepts your offer to purchase
Consideration - seller gives up product with value

66
Q

What are the features of a simple contract for the buyer

A

Offer - offer something for money to seller
Acceptance - the seller agrees of purchase
Consideration - you give up money for product

Commerce (2 decks)

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