| A | B |
|---|
| Brand Name | A name given to a product or service to distinguish it from other similiar products or services |
| Convenience goods | Goods consumers buy regularly without spending much effort or thought. |
| Department stores | Stores that have different departments selling a variety of products. |
| Hyperstores | Larger than a Superstore (200,000 sq feet) |
| Impulse buying | Buying too rapidly without much thought. |
| Limited Line Retailer | Also known as Specialty retailers. Sell only one kind of merchandise-clothing stores, athletic goods stores, home appliance stores, hardware stores. |
| Mass Merchandisers | Also known as Discount stores. Sells a variety of items at reasonable or low prices, often are nationwide retail 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 manufacturer brands or manufacturers's overruns, odd lots or slight irregular products. |
| Outlet Stores | Stores are operated by manufacturer and carry only that manufacturer's brands or an affiliated manufascturer's products at lower retail prices. |
| 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 stores, similar to supermarkets, but also sell mass merchandise items like clothing, garden products, and books, but offer no customer services. |
| Surplus | An over supply of a product. Producers are producing more of a product than consumers are willing to buy. |
| Unit price | The price per unit of measure of a product. |
| Business | An establishment or enterprise that supplies goods and services in exchange for some form of payment. |
| Competition | The rivalry among businesses to sell their goods and services to buyers. |
| Consumer movement | The fight against unfair business practices by consumers joining together to demand fair treatment from businesses. |
| Fraud | When false information is given to a consumer in an effort to make a sale. |
| Grade | An indication of quality or size of a product. |
| Private property | The right to own, use, or dispose of something of value. |
| Profit motive | The desire to work hard and be creative to earn a higher profit. |
| Trade Association | Organization of businesses engaged in the same type of business. |
| Voluntary exchange | Buyers and sellers make their own economic decisions to determine what price will be for goods and services produced and sold. |
