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Term |
Definition |
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Advertising |
Advertising is a way of communicating a message to a large audience about a product or service that is for sale. |
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Budget |
A plan that lists how much money a person has and all the needs and wants that cost money |
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Consumer behavior |
The study of how people make decisions about what they buy, use, or dispose of |
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Demand |
The amount of something that people are willing and able to buy at a given price |
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Economics |
The study of how people use their limited resources to satisfy their unlimited wants and needs |
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Needs |
Things that people require to survive, such as food, water, clothing, and shelter |
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Supply |
The amount of something that producers are willing and able to sell at a given price |
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Wants |
Things that people desire to have but are not necessary for survival, such as toys, expensive shoes, or the latest electronics |
