Consumer - Key Terms

Question 1

Consumer

Answer 1

Anyone who buys goods or services for their own use

Question 2

Consumer Needs

Answer 2

Generally things we cannot live without

Question 3

Consumer Wants

Answer 3

Things we would like to have but are not essential to living

Question 4

Budget

Answer 4

A plan of how much money you are prepared to spend

Question 5

False Economy

Answer 5

When we purchase a cheaper product but it turns out to be more expensive in the long term.

Question 6

Unit Price

Answer 6

A price of a single amount of something

Question 7

Brand Name

Answer 7

Distinctive name and logo that producers put on their products or services to distinguish it from a similar product or service

Question 8

Impulse Purchase

Answer 8

A decision to to make a sudden and unplanned purchase

Question 9

Below Cost Selling

Answer 9

When retailers sell a product at a lower price than they paid for it. This means they are selling at a loss

Question 10

Loss Leader

Answer 10

The name given to a product sold below the price paid for it by the retailer with the intention of attracting customers into the shop.

Question 11

Advertising

Answer 11

The techniques used by companies to tell you about their product or service and convince you to purchase their item over another company offering a similar product or service