Chapter 5/6 Vocab

Amygdala

• the part of your brain that helps regulate your stress responses

• the part of your brain that controls memory, impulses, and thoughts

• part of your brain that regulates the pleasure part of your brain

• the shopping people do to lift their mood when they’re discontent

Prefrontal Cortex

• Right hemisphere of brain

• Left hemisphere of brain

• the part of your brain that controls memory, impulses, and thoughts

• the part of your brain that helps regulate your stress responses

Impulse Buying

• buying anything without planning to do so in advance

• Carefully planned purchases

• Buying cars

• investing your money and quickly changing stocks to avoid falling prices

Retail Therapy

• Trying to find a counselor or social worker that works best for you

• Shopping for groceries on the weekend

• Employment in the retail field to ensure you have proper healthcare coverage

• the shopping people do to lift their mood when they’re discontent

Buyers Remorse

• Feeling great about a purchase

• a feeling of guilt, regret, or unease after making a purchase

• Hating something that you bought because it looks bad and returning it.

• When everything works out the way it is supposed to and you feel relieved about your purchases

Consumerism

• What most people want to see in their closet

• Idea behind the Constitution

• the theory that spending money and consuming goods is good for the economy

• Notion that most people psychologically need to buy things in order to feel better about themselves

Marketing

• Trying to appease already existing customers

• the process of communicating the value of a product or service to customers

• How a specific merchant has their store arranged in order to promote the most purchases.

• Trying to make sure that people avoid certain products

Brand Recognition

• a promise from the manufacturer that a product will be replaced or repaired if it’s faulty

• the financial opportunity that is lost when you choose to do something else with your money

• extra coverage for the repair or replacement of items purchased

• the public’s ability to recall and recognize a brand by its logo, jingle, packaging, or name

Opportunity Cost

• the financial opportunity that is lost when you choose to do something else with your money

• the public’s ability to recall and recognize a brand by its logo, jingle, packaging, or name

• extra coverage for the repair or replacement of items purchased

• a promise from the manufacturer that a product will be replaced or repaired if it’s faulty

Extended Warranty

• a promise from the manufacturer that a product will be replaced or repaired if it’s faulty

• How long you have to make payments on a certain debt.

• extra coverage for the repair or replacement of items purchased

• the financial opportunity that is lost when you choose to do something else with your money