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Consumer Ec 1 > Week 1 > Flashcards

Week 1 Flashcards

0
Q

What is injurious consumption? Give an example.

A

Not everything you buy has + outcomes or is a pleasant memory.
Movie tickets–seeing a bad movie

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1
Q

What is consumer economics?

A

Study of how people…
Deal with scarcity
Fulfill needs in goods, services, actions
Select among goods services, goods, or action
Helps us understand how the marketplace works, our role in it and how choices affect our lifestyles

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2
Q

Define “Caveat Emptor”

A

“May the buyer beware.”

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3
Q

What is the difference between needs and wants?

A

Needs are things that are required such as food and water.

Wants are things wished for or desired

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4
Q

Define Opportunity costs.

A

When one thing is selected, something else is given up, the one you DON’T choose is the opportunity cost

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5
Q

What are the 5 sources of income?

A 
Personal partnerships
Businesses
Investment
Gov't
Other sources
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6
Q

What are the 3 types of business ownership?

A

Sole proprietorship
Partnership
Corporation

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7
Q

List the methods in finding a job…

A

Networking, professional and trade organizations, job/career fairs
Traditional sources: employment agencies, cold contacts, Internet, corporate career centers, online job sites

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8
Q

What are the 5 things for being prepared for a job for being prepared for a job interview?

A 
First impressions matter
Go alone
Bring a personal data sheet
Be well prepared (research company/job)
Don't be late!!
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9
Q

What are the 5 things you do/have on the first day on the first day of a new job?

A 
First impressions
Form W-4 for taxes
Social security card
Work permit
Company policy handbook
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10
Q

What are the expectations of an employer? An employee?

A

Employer: follow the rules, develop a good work ethic and positive attitude, accept criticism, admit your mistakes

Employee: receive paycheck, fringe benefits, training, accommodation for disability, be told of changes in responsibilities, get evaluation of work performance.

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11
Q

Give examples of alternative working arrangements.

A

Flextime
Job sharing
Telecommuting

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12
Q

What are he a/d to entrepreneurship ?

A

Own boss, set own hours, make all decisions, possibly get financial security, create something you can pass onto children or others

Long hours to succeed, taking a big financial risk, risk high chance of failure

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13
Q

A/d to sole proprietorship

A

All profits to single owner, no boss, easy start up, simple tax filing

Limited resources, Capitol $, expertise(skills), limited life of business, unlimited personal liability of owner

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14
Q

A/d to partnership

A

More resources than sole prop., Capitol, expertise, easy start up, limited sharing of profits and decision making

Fewer sources than corporation, Capitol, expertise, possible disagreement between owners, unlimited personal liability of owners

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15
Q

A/d of corporation?

A

More resources, Capitol, expertise, transferability of ownership, limited involvement of owners if desired, limited personal liability of owners

Lack of control-several owners, more difficult start up-charter articles of incorporation, double taxation-corporate and personal

16
Q

Salary

A

Annual pay

17
Q

Royalties

A

Artists, writers, musicians- who make profit every time their song is played etc.

18
Q

Tips

A

In addition to your pay

19
Q

Invest

A

Stocks-dividend
Bonds-interest
Real estate- rental property

20
Q

Goods

A

Physical objects that are produced (iPods, Oreo cookies, automobiles)

21
Q

Services

A

Actions that are performed by someone (repairing a car, serving a meal)

22
Q

Grant

A

Research for scirpentists and doctors

23
Q

Retailers

A

Those who sell to consumers-strive to offer the right mix of products that the consumer is looking for

24
Q

Commission

A

% of sales earned

25
Q

Bait and Switch

A

Advertises an item for a cheap price to get you to the store but when you get there, store is sold out of that item but points you to a more expensive one

26
Q

Deceptive pricing

A

Advertising a sale price that is no different for the regular price which is illegal.

27
Q

Inheritance

A

From relatives

28
Q

Fraud

A

Deceitful conduct designed to manipulate another persons for some gain.

29
Q

Better business bureau (BBB)

A

Takes care of business problems and addresses them

30
Q

Wages

A

Hourly pay

31
Q

Small claims court

A

Amounts between $1000-5000 and you do not need a lawyer

32
Q

Class action suit

A

Lawsuit filed on behalf of a group of people with the same complaint

33
Q

Entrepreneur

A

Having your own buisness

34
Q

Gross pay

A

Your pay money before the deductions occur

35
Q

Net pay

A

The pay after the deductions occur

36
Q

Corporation

A

Owning a business with more people on a larger scale…people may own shares of a corporation

37
Q

LLC limited liability company

A

Limited personal liability of owners
Simpler tax situation than corporation
Easier start up than corporation

Consumer Ec 1 (5 decks)

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