| A | B |
|---|
| productivity | the amount of output that results from a given level of inputs |
| scarcity | a situation in which people do not have enough resources to satisfy every desire |
| factors of production | land, labor, capital and entrepreneurship |
| economics | the study of how individuals, families, businesses and societies use limited resources to fulfill their unlimited wants |
| services | activities done for a fee |
| capital | previously manufactured goods used to ake other goods and services |
| labor | human effort directed toward producing goods and services |
| goods | tangible items that people buy |
| bait and switch | advertising practice that attracts consumers with a low-priced product, then tries to sell them a higher-priced product |
| discretionary income | money a person has left to spend on extras after necessities have been bought |
| informative advertising | advertising that benefits consumers by giving useful information about a product |
| consumer | person or group that buys or uses goods and services to satisfu personal needs and wants |
| competitive advertising | advertising that atempts to persuade consumers that a product is different from and superior to any other |
| brand name | word, picture or logo on a product that helps consumers distinguish it from similar products |
| generic brand | general name for a product rather than a specific name given by the manufacturer |
| disposable income | the money a person has left after all taxes have been paid |
| warranty | promise made by a manufacturer or seller to repair or replace a product within a certain time period if it is found to be faulty |
| ethical behavior | acting in accordance with moral convictions about right and wrong |
| rational choice | choosing the alternative that has the greatest value among products with comparable quality |
| comparison shopping | getting information on the types of products available from different stores and companies |
