| A | B |
|---|
| Consumer | Person who purchases and uses goods |
| Price | The amount of money given or asked for when buying or selling goods. |
| Money | Used to comare the value of different goods and services |
| Market or Marketplace | any place where persons buy and sell goods |
| Demand | the amount of goods or services consumers are willing and able to buy |
| Supply | The amount of goods or services that producers will provide. |
| Law of Demand | Consumers buy less of a good at a higher price and buy more at a lower price. |
| Law of Supply | The higher the price, the more producers supply; the lower the price, the less producers will supply. |
| Surplus | An over supply of a product |
| Shortage | An under supply of a product |
| Equilibrium Price | the price at which the amount supplied and the amount demanded equal |
| Nondiscretionary income | Income used to purchase basic needs - food, clothing and shelter |
| Discretionary Income | Income left over after needs are met - can choose what to purchase - wants. |
| Convenience Goods | Goods purchased ona regular basis |
| Shopping Goods | Goods purchased after "shopping around"; compare prices and products. |
| Specialty Goods | Goods purchased by brand or company |
| Brand Name | Word, picture or logo that distinguishes one product from another. |
| National brand | known throughout the nation |
| Store Brand | Brand name sold only in one store or chain of stores |
| Generic | Products that are unbranded and sold at reduced prices |
| Unit pricing | Way for consumers to compare prices of similar products. |
| Department | Stores with deparate departments; moderately priced goods |
| Mass Merchandiser | Offers a variety of products reasonably or low priced. |
| Off-Price | buy from producers with surpluses; goods may be slightly imperfact or discontinued |
| Outlet | Operated by the manufacturer and carry only that brand. |
| Limited Line | Sell only one kind of merchandise |
| Superstore | Extremely large store that sells a variety of products |
| Hyper Store | Larger than a superstore. |
| Warehouse Store | Sells items in bulk at discounted prices |
| Catalogue | Order merchandise by filling out order form, mail or phone. |
| Internet/Electronic Shopping | Ordering goods found on the World wide web |
