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ECON quiz 2
ECON quiz 2
29
Economics
Undergraduate 3
02/18/2015

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Term
custom
Definition
the tendency of a group to consume according to a fixed pattern
Term
habit
Definition
the tendency of an individual to consume in a fixed pattern
Term
ceremony
Definition
a formal series of acts prescribed by ritual, protocol, or convention
Term
trade (or industry) association
Definition
an organization that has been developed by businesses whose members agree to aabide by established standards or practices and coded of ethics
Term
resistance lane
Definition
a high pressure sales tactic that many funeral directors use to persuade the buyer to purchase a higher-priced funeral
Term
memorial societies
Definition
cooperative programs providing simple, dignified funerals at low cost
Term
pre-need contract
Definition
an agreement between the consumer and the funeral director specifying in advance a price and arrangements for the consumers own funeral
Term
bequest
Definition
a provision in an individuals will specifying how the deceased's assets should be distributed
Term
conspicuous consumption
Definition
spending and consuming on a lavish scale
Term
pecuniary power
Definition
monetary and financial well-being
Term
affluenza
Definition
a feeling of unfulfillment that results from efforts to keep up with the rest of society; an epidemic of stress, overwork, waste, and indebtedness caused by consumers pursuit of the american dream
Term
competitive consumption
Definition
the irrational desire to compete with one another to prove financial superiority by spending more
Term
fashion
Definition
the accepted manner in which a group of people behave at a given time
Term
fad
Definition
the accepted manner in which a group of people behave for a brief time
Term
style
Definition
a distinctive human expression
Term
taste
Definition
the ability to discern and appreciate that which is appropriate
Term
planned obsolescence
Definition
the superficial redesign of a product for sale purpose only
Term
built-in obsolescence
Definition
the deliberate under-engineering of a product to give it an unnecessarily short life span so as to require premature replacement.
Term
obsolescence of quality
Definition
a substantial change in the product that actually increases the performance of that product
Term
advertising
Definition
any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor
Term
marketing
Definition
the process of moving goods and services from producer to consumer, influencing sales by changing stimulus conditions
Term
informational advertising
Definition
a form of advertising that offers useful information about products or services
Term
iceberg research
Definition
research done on sepcific products revealing only results that are favorable to the advertisers
Term
puffery
Definition
a claim that is obviously false but is used anyway
Term
perfect competition
Definition
a market situation with so many knowledgable buyers that the action or inaction of one or a few cannot have any noticeable effect on market price
Term
objective exchange value
Definition
the power of a product or service to command other products or services in return
Term
CFC's chlorofluorocarbons
Definition
synthetic chemical substances consisting of chlorine, fluorine, and carbon. They are released by various household appliances and products
Term
CAFE (corporate sverage fuel economy)
Definition
the average miles per gallon the federal government allows for a specific manufacturers fleet of automobiles
Term
R-value
Definition
the "resistance" measure or the capacity of insulation to resist the flow of heat from a warm room to the cold outside
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