DECA VOCABULARY. Monday September 10, /10/2007. Vocabulary Improvement Strategy Chart. Complementary Goods Consumer buying Power

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1 DECA VOCABULARY Week 4-Retail Merchandising Week Monday September 10, 2007 DECA Quiz DECA Vocabulary Buyer s Market Complimentary goods Customer buying power Cost of Production Activity Class assignment: work on the four terms in the Vocabulary Improvement Strategy Chart Finish the SWOT Analysis 2 Vocabulary Improvement Strategy Chart Key term Define it in Personal Use it in a your own words Clues/Picture complex sentence Buyer s Market Complementary Goods Consumer buying Power Cost of Production (Define each term in your own words, give a personal clue or picture, and use each word in a complex sentence) 1

2 Tuesday September 11, 2007 DECA Vocabulary Demand Discretionary Income Elastic Demand Inelastic Demand Standard of Living Substitute Goods Notes Indirect & Direct Marketing Consumer Goods Activity Merchandising Blend Project 4 Vocabulary Improvement strategy Chart Key term Define it in Personal Use it in a your own words Clues/Picture complex sentence Demand Discretionary Income Elastic Demand Inelastic Demand Standard of Living Substitute Goods Tuesday, September 11 th, 2007 BUYER S MARKET: the best time for consumers to buy: characterized by large supply, small demand and low prices COMPLEMENTARY GOODS: products that are used together e.g.: ski boots and skis CONSUMER BUYING POWER: cash and credit a consumer has available to spend 2

3 COST OF PRODUCTION: the total amount of money spent on costs of materials, labor, etc. to manufacturer economic goods and services DEMAND: the quantity of a good or service that buyers are ready to buy at a given price at a particular time. DISCRETIONARY INCOME: the amount of income people have left to spend or dispose of after they paid for their taxes Tuesday, September 11 th, 2007 ELASTIC DEMAND: a form of demand for products in which changes in price correspond to changes in demand ELASTICITY: an indication of how changes in price will affect changes in the amounts demanded and supplied INELASTIC DEMAND: a form of demand in which changes in price do not affect demand A set of graphs shows the relationship between demand and total revenue. As elasticity decreases in the elastic range, revenue increases, but in the inelastic range, revenue decreases. 3

4 STANDARD OF LIVING: the general conditions in which people live; quality of life SUBSTITUTE GOODS: items which can be used in place of others; items which satisfy the same needs/wants; similar goods Margarine instead butter Wednesday September 12, 2007 DECA Vocabulary Law of Demand Law of Supply Private Enterprise System Seller s Market Supply Labor Union SURF: E-Commerce Notes E-Commerce Channels of Distribution Pyramid Scheme 11 Vocabulary Improvement strategy Chart Key term Define it in Personal Use it in a your own words Clues/Picture complex sentence Law of Demand Supply Law of Supply Private Enterprise System Seller s Market Labor Union 4

5 LAW OF DEMAND: economic principle which states that the quantity of a good or service that people will buy varies inversely with the price of the good or service SUPPLY: the quantity of a good or service that sellers are able and willing to offer for a sale at a specified price in a given time period LAW OF SUPPLY: economic principle which states that the quantity of a good or service that will be offered for sales varies in direct relation to its price On the graph, the equilibrium price and quantity are indicated by the intersection of the supply and demand curves. 5

6 PRIVATE ENTERPRISE SYSTEM: an economic system in which individuals and groups rather that the government, own or control means of production-the human and natural resources and capital goods used to produce goods and services SELLER S MARKET: the best time for producers to sell; characterized by large demand, small supply and high prices LABOR UNION: a group of workers who have joined together for a common purpose to improve the terms and conditions under which employees work With workers recognizing the power of their employers, the number of local union organizations increased steadily during the mid-19th century. In a number of cities, unions in various trades joined together in citywide federations. The Nation Labor Union, (actually a federation- an organization of local unions) formed in Friday September 14, 2007 DECA Vocabulary Quiz #3 The Apprentice Challenge Test Hired/Fired Activity 18 6