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Chapter 8 - Bargain Shopping
Chapter 8 - Bargain Shopping
20
Business
12th Grade
09/27/2012

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Cards

Term
Comparison Shopping
Definition
Looking for the same product in multiple stores to find the best price, or to find the best product.
Term
Contract
Definition
An agreement between a buyer and a seller.
Term
Primary Need
Definition
Something that you must have to live from day to day, like food, shelter, and clothing.
Term
Recall
Definition
The voluntary or involuntary removal of a dangerous product from the market.
Term
Secondary Need
Definition
Something that can help you improve your day to day life, like a computer, car, or television.
Term
Value
Definition
What you think the purchase is worth to you personally, taking into consideration how it will improve your life.
Term
Want
Definition
Something that won't help you live from day to day, like jewelry, video games, and soda. Once you have met your primary and secondary needs, you can try to make room for some of these things in your budget.
Term
Warranty
Definition
The seller's promise to fix or replace the product if something goes wrong.
Term
Auction
Definition
The price of an item is set by the process of competitive open bidding.
Term
Consignment
Definition
Products sold by a third party, who receives a portion of the profits from the sale.
Term
Estate Sale
Definition
The sale of all the belongings of a person; frequently after their death.
Term
Foreclosure
Definition
A loan is cancelled and collected by seizing the property the loan was made on.
Term
Integrity
Definition
Adhering to a moral code of honesty; always doing the right thing.
Term
Markup
Definition
The difference between the wholesale price and the retail price.
Term
Negotiating
Definition
Give and take; the process of bargaining between two parties who are trying to reach an agreement.
Term
Patience
Definition
Waiting for an event, such as a sale, or waiting for circumstances to be more favorable for a purchase.
Term
Walk-Away Power
Definition
The willpower to walk away from a salesperson and/or a deal when the seller will not meet your terms.
Term
Win-Win
Definition
Both parties to a negotiation or sale are able to benefit from the transaction.
Term
Wholesale Price
Definition
The cost of a good sold by a wholesaler. This is somewhat higher than the amount the wholesaler paid to the company that produced the product.
Term
Retail Price
Definition
The price of a good or product when it is sold to the end-user for consumption. This is somewhat higher than the amount the retailer paid to the wholesaler for the product.
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