What will happen in the price if there's an insufficiently supply of goods and services?
The price will increase/rise/goes up.
What is shortage?
When a DEMAND for a product or service exceeds the available supply.
What is demand?
The willingness of consumers to pay a price for a specific goods and services.
What do you call the activities such as advertising, presenting and giving one for free to get people to buy products?
marketing
What are the 5 consumer's rights?
right to have information, freedom to buy or choose, right to be safe, right to return goods that are broken, right to be treated fairly
What is the difference between -- buyer, consumer and payer?
buyer - goes to the store, chooses the product and gives money to the cashier; consumer -person who buys goods or uses service; payer - provide the money
It is the amount of an asset or resource that exceeds the portion needed and used.
surplus
What is a brand?
The identity of a product, service or business that can take many forms like a name, symbol, solor combination or slogan.
Why do stores choose to be in busy areas like malls or near schools?
to make it easier for customers to buy their products
What is a customer service?
The support, assistance and advice provided to the customers.