| A | B |
|---|
| Brand name | A name given to a product or service to distinguish it from other similar products or services. |
| Convenience Goods | Goods consumers buy regularly without spending much effort. |
| Demand | The amount of goods or services consumers are willing and able to buy. |
| Department Stores | ( full services stores) Stores have different departments selling a variety of products. |
| Discretionary Income | Income that is left over after a consumer’s basic needs have been met. |
| Equilibrium Price | The price at which the amount supplied and the amount demanded come together. |
| Hyperstores | Larger than Superstores (200,000 sq feet) |
| Impulse buying | Buying too rapidly without much thought. |
| Law of Demand | Consumers will buy less of an item at a higher price than at a lower price. |
| Law of Supply | The higher the price the more producers will supply and the lower the price the less producers will supply. |
| Limited Line Retailers | (Speciality stores) Sell only one kind of merchandise – clothing stores, athletic goods stores, home appliance stores, hardware stores; services vary, selling methods, and prices vary. |
| Mass Merchandisers | (Discount stores) Sells a variety of items at reasonable or low prices; often are nationwide stores. |
| Nondiscretionary Income | Income used to purchase items to meet basic needs. |
| Off-Price Stores | Off-price stores usually buy from producers with surpluses; therefore, carry many manufacturers’ brands or manufacturer’s overruns, |
| Outlet Stores | Outlet stores are operated by the manufacturer and carry only that manufacturer’s brand or an affiliated manufacturer. |
| Price | The amount of money given or asked for when goods or services are bought or sold. |
| Price index | A series of figures showing how prices have changed over the years. |
| Shopping Goods | Goods consumers buy after spending time looking around and comparing products. |
| Shortage | An under supply of a product. Consumers are demanding more of a product than producers are producing. |
| Specialty Goods | Goods that consumers select by brand or company which require a special sales effort. |
| Superstores | Extremely large (30,000 sq feet), similar to supermarkets, but also sell mass merchandise items like clothing, garden products, and books; no customer services |
| Supply | Amount of goods or services that producers will provide. |
| Surplus | An over supply of a product. Producers are producing more of a product than consumers will buy. |
| Unit price | The price per unit of measure of a product. |
