Exam 1, study guide
26/09/2007 15:10:00
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CHAPTER 1
SUMMARY
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Varying views as to whether consumers…
o
Know what they want
o
Can determine quality
o
Can determine safety
o
Can verify quantity
o
Can detect fraud
o
Readily understand pricing practices
o
Have access to all the info they need to make wise decisions in the
marketplace
•
JFK developed 4 rights of consumers
o
Safety
o
Information
o
Choice
o
To be heard
VOCAB
•
household
o
one or more people who occupy a housing unit
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money
o
something generally accepted as a medium of exchange, a measure of
value, or a means of payment
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savings
o
income not spent
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consumer sovereignty
o
“the consumer as ruler”
o
meeting the consumers’ needs is the only important function of an
economy
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competition
o
rivalry in buying and selling
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collective consumption
o
expenditures for public needs
education, highways, police
•
oligopoly
o
few sellers control the majority of the supply of a product or service
•
monopolistic competition
o

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- Spring '08
- smith
- Progressive Tax, Reference group o Influences
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