| A | B |
|---|
| Advertising | A paid form of communication sent out by a business about its product or service |
| Consumer | Anyone who buys or uses products |
| Consumer economics | The study of the role consumers play in an economic system |
| Demand | The quantity of a good or service that consumers are willing and able to buy at various prices during a given time period |
| Economics | The study of how we make use of our resources |
| Equilibrium price | The price at which the quantity supplied exactly equals the quantity demanded of a product |
| Global Warming | The gradual increase in the earth's average temperature |
| Goal | The thing you want to accomplish in your life |
| Life span | The time between a person's birth and death |
| Life-span goal | Long-term goal that you want to reach during your life |
| Life-span plan | A plan to reach long-term goals within a person's life |
| Long-term goal | Something you hope to achieve over a period of years |
| need | things you can't live without |
| opportunity cost | the value of your next best alternative whenever you make a choice |
| production | the creation of goods and services |
| profit | the difference between the money received from selling a product and the cost of producing that product |
| puffery | innocent exaggeration used to sell products |
| rational buying decision | a choice made in an organized, logical manner, so that it will most likely fulfill your need or want |
| resource | all the things used to creat other goods or services |
| scarcity | the basic economic problem that consumers' wants are always greater than the resources available to satisfy those wants |
| short-term goal | something you hope to achieve within a year |
| supply | the quantity of a product that producers are willing and able to make available for sale at various prices over a given time period |
| value | your principles- the standards you use to judge what is right and wrong, good and bad, important and unimportant for you. |
| want | things that you would like to have but can live without. |
