Economics test study

Question 1

what are 3 things consumers influenc?

Answer 1

-products
-price
-service

Question 2

explain the difference between a customer and a consumer

Answer 2

-a customer wants products from a specific business
-a consumer does not care
eg McDonalds rewards app

Question 3

define consumer

Answer 3

a person or business that consumes goods or uses services

Question 4

what problems can consumers cause for business?

Answer 4

-bad P.R
-excersize start and stop demand for a business’ products or services (unpredictable

Question 5

factors that impact the level of consumer spending

Answer 5

price
quality
level of income
tastes and preferences
substitute goods
complementary goods
expectations of future prices

Question 6

define Trend

Answer 6

an activity that takes place over an extended period of time and reflects the general direction in which a society is developing

Question 7

define Fad

Answer 7

a rage that everyone is very much interested in for a short period of time.
eg fidget spinner

Question 8

maslows hierarchy of needs in the workplace

Answer 8

-self actualization
-self esteem
-love and belonging
-safety and security
-physiological needs