Economics

Refers to the use of goods and services to satisfy needs and wants:

Consumption


3 Factors which affect consumption:

Education, age, price, lifestyle, culture.


Income that remains after all deductions have been made:

Disposable income


Holding money and saving it for later can be referred to as:

Deferred consumption


The price of one good or service compared to the prices of other goods and services:

Relative price


Is a message designed to persuade people to buy one product instead of another:

Advertising





2 Advertising techniques:

Repetition, scare techniques, snob appeal, imitation, association, humour, comfort and enjoyment.


Finding the most suitable product for the cheapest price:...