FHCE 3100 TESTS COMPILATION BUNDLE

Factors that Influence Consumers correct answer: Economics History Consumer Culture Individual Traits Physciological Needs Desire for Technology Political Area, gov't standards, etc. Consumption Process correct answer: Awareness Thinking Planning Implementing Evaluating Awareness ...

Economics correct answer: - the study or science of production, distribution, and consumption -the study of how society manages its scarce resources Society and Scarce Resources correct answer: -The management of society's resources if important because resources are scarce -Scarcity implie...

**What are the factors that influence consumers?** correct answer: 1. Economics 2. History 3. Consumer culture 4. Individual traits; example : age 5. Physiological needs 6. Desire for technology 7. Political area; example : gov'nt standards (EHC, I, PDP) The Business Cycle correct ans...

economics correct answer: the study or science of production, distribution, and consumption; how society manages its scarce resources scarcity correct answer: society has limited resources and therefore cannot produce all the goods and services people wish to have consumer economics correct ...

Consumer Economics correct answer: The study of how people deal with scarcity, fulfill needs, and select among alternative goods. Scarcity implies ________ which implies __________ to the consumer correct answer: choice, cost Why do we study consumer economics? correct answer: 1. To apply c...

benefits of information search correct answer: lower tag price and consumer cost, satisfaction from shopping, knowing what is available costs of information search correct answer: time, transportation, obtaining information, emotional When should you search for more information? correct answ...

economics (defined by goldsmith) correct answer: the study or science of production, distribution, and consumption economics (defined by miller) correct answer: the study of how society manages its scarce resources scarcity correct answer: means that society has limited resource therefore c...

free market economy correct answer: "an economic system in which individuals, rather than government, make the majority of decisions regarding economic activities and transactions" Market Failure correct answer: is a scenario postulated by some economists in which markets do not efficiently o...

Ch 1 Consumers in a changing world Economics correct answer: - the study or science of production, distribution, and consumption -the study of how society manages its scarce resources Goldsmith's definition of economics correct answer: Economics is the study or science of production, dis...

pre purchase correct answer: step in consumer buying process -consumer tries to determine how much pleasure/pain will be derived from a product or service; sometimes we pay for things that give us pain (tattoos) -Assessing need vs. want: decide what's needed and available -results when situati...

Prepurchasing correct answer: what consumers are thinking about and how they are behaving that lead up to an actual purchase Prepurchasing involves what steps correct answer: 1) Assessing needs 2) Searching for Information 3) Evaluating alternatives 4) Selecting product or service Prep...

body mass index (BMI): correct answer: a measure of an adults weight interrelation to his or her height, specifically the adult's weight in kg divided by the square of his or her height in meters obesity correct answer: body mass index (BMI) of 30 or higher. annual obesity related medical c...

Body Mass Index (BMI) correct answer: a measure of an adults weight interrelation to his or her height, specifically the adult's weight in kg divided by the square of his or her height in meters BMI of Obesity correct answer: BMI of 30 or higher Overall, on average, people who are obese spe...

Assets (own) - Liabilities (owe) = Net Worth correct answer: Net worth Reasons to develop a __________: - Achieve your financial goals - Achieve financial independence - Invest intelligently - Minimize your payments to Uncle Sam - Cover your assets correct answer: Personal finance plan...