Chapter 20 & 21 Test

Front

involves giving up one option in exchange for another

Back

tradeoff

Front

an expense that occurred in the past for which money was spent and cannot be recovered

Back

sunk cost

Front

the value of your next best choice

Back

opportunity cost

Front

the items necessary for maintaining physical life and include food, water, and shelter

Back

basic needs

Front

money left over when expenses are paid; can be spent as you wish

Back

discretionary income

Front

new ideas, methods, or devices that bring about change and progress

Back

innovations

Front

advertising intended to convince customers to buy a specific good or service

Back

product advertising

Front

the practice of setting prices at uneven amounts rather than whole dollars to make them seem lower

Back

odd-number pricing

Front

a marketing strategy designed to target specific people or small groups who are likely to want certain products

Back

micromarketing

Front

advertising that attempts to promote the image of a store or company

Back

company advertising