Consumer Skills

The potential benefits that an individual, investor, or business misses out on when choosing one alternative over another is defined as a ______________.

• Installment Plan

• Marketing Mix

• Purchase Decision

• Opportunity Cost

A method of judging the benefits of different products by comparing several factors, such as quality, features, and cost is defined as ____________.

• Comparison Shopping

• Opportunity Cost

• Purchase Decision

• Installment Plan

In a complete sentence, please explain how product research and comparison shopping helps you make more informed buying decisions?

__________ is defined as a payment method that allows you to pay for purchases over time by dividing the purchase amount into smaller equal payments.

• Comparison Shopping

• Purchase Decision

• Installment Plan

• Conspicuous Consumption

A _________ provides goods and services for personal use.

A _________ purchases goods and services for personal use.

In a complete sentence, please list three features one might compare before purchasing a car.

The four marketing mix p's are product ,​ ________ , place, and promotion.

• price

• proximity

• potential

• packaging

_____________ describes the relationship between the quantities of products or services that producers are willing to provide versus the quantities that consumers are willing to obtain at a range of various prices.

• Conspicuous consumption

• Supply and demand

• Marketing mix

• Installment plan

In a complete sentence, please describe two consequences of not properly prioritizing your needs over your wants when budgeting.