Economics Exam 1 part 2

3. the theory that if ppl are given something (a gift), they will think its worth more that someone who hasnt received the item cuz ppl put a value on what they own.
5. a reaction by a consumer of wanting a product/service even more after hearing a warning or negative message about it.
6. a measure of customer well-being by the conference board & the university of Michigan survey research ctr
8. expenses incurred or attached when one aternative is selected over other choices.
9. ppl or a grp of ppl who created a newly introduced product or method.
11. the decrease in satisfaction that a buyer experiences from each successive unit consumed in a given period of time
12. - a trait meaning a strong desire for things, ideas, & information
14. (neuroeconomics) a specialization within economics that emphasizes the impact of psychological or behavior factors
16. consumer price index - an idea that measures monthly prices of a fixed basket of 400 goods/service (durable & non-durable)bought by a typical consumer

1. an adminstrative or judicial order to a business to stop its unfair or deceptive acts or practices.
2. a drastic, long lasting decline in the economy,characterized by high unemployment, falling prices, & decreasing business activity
4. the process that occurs when a product becomes outdated soon after it was purchased or before its worn out.
7. the ability to reason
10. unique industry-changing leaders who relentlessly pursue new business opportunities (executives, small business owners)
13. the addition on a new product to an already existing brand to satisfy a consumer need.
15. the study or science of production, distribution, & consumption.