vocab chapter 7

Question 1

boycott

Answer 1

To join others that refuse to deal with a person or group; refuse to do business with

Question 2

brand

Answer 2

a name, term, sign, symbol or design that identifies the maker or seller of a product

Question 3

buying

Answer 3

Obtain by purchase; acquire by means of a financial transaction

Question 4

consumerism

Answer 4

an economic theory that links prosperity to consumer demand for goods and services

Question 5

demand

Answer 5

amount of goods or services that people want to buy

Question 6

impulse

Answer 6

something that you do all of a sudden, usually without thinking

Question 7

manufacturers

Answer 7

people who make things in factories

Question 8

monopoly

Answer 8

a single producer who has almost complete control over supply and price

Question 9

name

Answer 9

name as in brand name, appeal to a consumer because of the name of the product for sale

Question 10

needs

Answer 10

Items consumers must have to survive.

Question 11

product

Answer 11

commodities available for sale

Question 12

purchase

Answer 12

To buy. The act of buying. Something that is bought.

Question 13

scarcity

Answer 13

When the desire for goods and services far outweigh our limited resources.

Question 14

service

Answer 14

Actions that satisfy people’s needs and wants.

Question 15

supply

Answer 15

the amount of something that is available for use