Are You Aware of These Consumer Choice Terms Flashcards .

Consumer Choice refers to a branch of microeconomics, that deals with the preferences to consumption expenditures and consumer command. It details how consumers maximize the desirability of their consumption as measured by their preferences subject to limitations on their payments, by maximizing product use.

36 cards   |   Total Attempts: 188
  

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Cards In This Set

Front Back
acceptance
When the offeree agrees to the proposal
Barter
The swapping or exchanging of one good for another
Budget
A list of income and likely expenditures
Business
Any organisation that produces and sells, for a profit, the goods and services that satisfy the needs and wants of consumers
Caveat emptor
Let the buyer beware (a latin expression)
Cheque
A written communication ordering your financial institution to pay a person a specific amount of money
Comparison shopping
Contacting (by telephone, internet or in person) a number of sellers to obtain the best deal
Consideration
  • the giving up of something of value
Consumer
  • someone who purchases goods and services to satisfy needs and wants
Contract
A legally binding agreement
Wholesaler
buys goods in large quantities from the manufacturer
Drawee
The financial institution that provides cheque account facilities
Drawer
The person who writes and signs a cheque
EFTPOS
electronic funds transfer at point of sale
Electronic transfer t
The transfer of funds from one account to another via electronic means such as the internet or telephone