Consumer Choice Flashcards by Everly Malstrom

What are 3 commercial decisions?

+ Getting Insurance
+ Taxes
+ Saving accounts - which one provides the best features?

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How can consumers make wise decisions ?

bullet point form

+ Going to School
+ Comparison Shopping ( looking around and seeing whats cheaper)
+Budgeting

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What makes it difficult for consumers to make decisions?

More choices being available for consumers makes it difficult.

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What are 3 basic questions you should consider before buying something?

Do i really want this item?
Can i afford this item?
Is there something better

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What is impulse buying?

The buying of goods without planning to do so

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What is comparison shopping?

Looking around at different stores to get the best deal for that product.

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What are 4 things you need to do when making a major purchase?

Compare the price
Quality
Availability
After-sales service.

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What are some types of goods?

Consumables
Household Goods
Luxury items

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What are some types of services?

Repair services

Information services.

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What is something you also have to consider other than its price?

Its quality

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What will usually happen if you make a quick decision

You often waste your money

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What are 3 rules for comparison shopping?

Think carefully about what you want
Look around for the best deal
Compare products in different shops

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What are 3 more rules?

Look at the products features
Don’t sign anything you don’t understand
Decide how you want to pay

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Whats very important to do after you purchase an item?

To keep all the invoices and receipts

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What is the most basic financial decision

: How much of their income to save and how much to spend.

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Finish the sentence

People should have a…

budget for managing their income

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Finish the sentence

Having a financial plan can…

improve peoples wellbeing and qaulity of life

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Finish the sentence

Consumers that don’t have a budget lose money fast because…

they spend it on their wants and not their needs.

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What is Income?

Income is money received on a regular basis from a persons work or investments

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What are 2 Environmental decisions?

Aim to protect the enviroment

Recycling

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What are some business decisions

Compare suppliers
Look at the location of the store
Target people with disposable income.

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What are some employment decisions

Do you have intrest in it?

Is it good for your future/

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What is a durable good?

Goods that have a long lifespan

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What are non-durable goods?

Goods that are manufactured to not last for a long time.

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What are complementary goods?

Goods that are consumed together

What are substitutes?

products that can be consumed as alternatives to each other.

What are examples of durable goods?

Machines, Furniture, Cars

What are examples of non- durable goods

newspapers, pens, packaging

What is an example of complementary goods

tomato sauce and meat pie

what is an example of a substitute

butter & margarine | Glue or stick tape

What are some positives of durable goods

last longer and bought less frequently

What are some positives of non-durable goods

less expensive

What are some positives of complementary goods

you cab buy it all in one go

What are some positives of substitutes

its cheaper

what are some disadvantages of durable goods

tend to lose value over time

what are some disadvantages of non-durable goods

they need to be bought more frequently

what are some disadvantages of complementary goods

you have to buy more than one product

what are some disadvantages of substitutes

cant meet peoples demands

What is the steps in the distribution process

manufacturer wholesaler retailer consumer

What are some examples of general (corner) stores

7 eleven, Caltex, convenience

what are some advantages of general stores

focus on selling only selling connivence goods

what are some disadvantages of general stores

rising of retail stores means a lot of general stores closed

What are some examples of supermarkets

Woolworths, Coles, Aldi, IGA

What are advantages of supermarkets

they sell a big variety of food and other household items

What are some disadvantages of supermarkets

they can take over general stores

What are some examples of department stores

David Jones, Myer

What are advantages of department stores

retail stores divided into smaller units | selling wide range of goods

What are disadvantages of department stores

Designed to maximise number of products purchased

What are some examples of Discount stores

Target, Kmart and Big W

What are advantages of discount stores

offer products for cheaper

what are disadvantages of discount stores

the quality of a product

What are some examples of speciality stores

Rebel, Nike, Adidas or Cotton - On

What are advantages of speciality stores

These stores don't form from a larger company

What are some disadvantages of specialty stores

Difficulties competing major retail chains

What are some examples of category killers

Office Works, Toy R us, Bunnings,

What are advantages of category killers

they attempt to undercut prices from other retailers

what are disadvantages of category killers

no varites

what are some examples of franchises

Maccas, KFC, Subway

Advantages of Franchises?

Cheap and Fast

Disadvantages of franchises?

Mostly unhealthy

What are some examples of Periodic Markets?

Paddys Markets, Flemington Markets

Advantages of periodic markets?

Allows customers to bargain and bulk buy to save money

Disadvantages of periodic markets?

Sometimes bad quality

what is direct marketing

where goods are sold directly to a customer

What are the features of a simple contract for the seller

Offer - clearly communicate their intention Acceptance - accepts your offer to purchase Consideration - seller gives up product with value

What are the features of a simple contract for the buyer

Offer - offer something for money to seller Acceptance - the seller agrees of purchase Consideration - you give up money for product

Consumer Choice Flashcards

(66 cards)