Flashcards in Chapter 6 Vocab Deck (37):
Total Income earned by everyone in the economy.
Total income that individuals receive before personal taxes are paid.
Any person or group that buys or uses goods and services to satisfy personal needs and wants.
Income remaining for a person to spend or save after all taxes have been paid.
Money income a person has left to spend on extras after necessities have been bought.
Choosing the alternative that has the greatest value from among comparable quality products.
Advertising that attempts to persuade consumers that a product is different from and superior to any other.
Advertising that benefits consumers by giving information about a product.
Deceptive advertising practice that attracts consumers with a low-priced product, then tries to sell them a higher-priced product.
Bait and Switch
Getting information on the types and prices of products available from different stores and companies before purchasing a product.
Promise made by a manufacturer or a seller to repair or replace a product within a certain time period if it is found to be faulty.
Word, picture, or logo on a product that helps consumers distinguish it from similar products.
General name for a product rather than a specific brand name given by the manufacturer.
Movement to educate buyers about the purchases they make and to demand better and safer products from manufactures.
Store that carries a limited number of brands and items in large quantities; less expensive than supermarkets.
Club warehouse store
Store open 16-24 hours a day, carrying a limited section of relatively higher priced items.
Lower priced store brand products carried by some supermarket chains and club ware-house chains.
Ability of an item to last a long time.
Amount of use a person gets from an item over time and the value a person places on this use
Fees involved in arranging for a mortgage or in transferring ownership of a property.
Fees paid to a lender and computed as percentage points of a loan.
Long-term agreement describing the terms under which property is rented.
Money a renter lets an owner hold in case the rent is not paid or an apartment is damaged.
Licensing fee, usually annual, paid to a state for the right to use a car.
Insurance that pays for bodily injury and property damage.
Setting aside income for a period of time so that it can be used later.
Payment people receive when they lend money or allow someone else to use their money.
Account for which a depositor receives a booklet in which deposits, withdrawals, and interest are recorded.
Passbooks Savings Account
Account similar to a passbook savings account except that instead of a passbook the depositor receives a monthly statement showing all transactions.
Statement Savings Account
Account that pays relatively high rates of interest, required a minimum balance, and allows immediate access to money.
Money Market deposit account
Savings plan that require savers to leave their money on deposit for certain periods of time.
Period of time at the end of which time deposits will pay a stated rate of interest.
Time deposits that state the amount of a deposit, maturity, and rate of interest being paid
Certificates of Deposit
People who have invested in a corporation and own some of its stock.
Increase in value of an asset from the time it was bought to the time it was sold.
Decrease in value of an asset or bond from the time it was bought to the time it was sold.