Test 1 | CTE 3808 - CONS IN COM MKTPLC, Quizzes of Production and Operations Management

Download Test 1 | CTE 3808 - CONS IN COM MKTPLC and more Quizzes Production and Operations Management in PDF only on Docsity! TERM 1 Tort DEFINITION 1 civil wrong TERM 2 Adam Smith DEFINITION 2 1723-1790-founder of modern economics(fathers of economics)-book:A Inquiry into the Nature & Causes of the Wealth of Nations(1776)-born in Scotland TERM 3 Bill Gates DEFINITION 3 Richest man in world -Microsoft TERM 4 Sam Bolton DEFINITION 4 Richest man s until his death, followed by Bill Gates -Walmart TERM 5 Harvey Wiley DEFINITION 5 Poison Squad/Agriculture ***modern economics movement TERM 6 Poison Squad DEFINITION 6 college males that volunteered to try things out TERM 7 Upton Sinclair DEFINITION 7 muckraker that wrote The Jungle TERM 8 Teddy Roosevelt DEFINITION 8 -read The Jungle and then started Pure Food and Drug Act - anti-monopoly -Sherman Anti-Trust Act(keeps monopolies from forming) TERM 9 John F. Kennedy DEFINITION 9 -president -was for consumer rights/pro consumer -read The Silent Spring TERM 10 Rachel Carson DEFINITION 10 wrote Silent Spring which is about pollution(any undesirable change) TERM 21 we're in a __ DEFINITION 21 market economy TERM 22 communism DEFINITION 22 is the opposite of market economy because the goverment controls the economy TERM 23 economics DEFINITION 23 study of consumption TERM 24 consumerism DEFINITION 24 goods give you meaning TERM 25 theory of mental accounting DEFINITION 25 theory of somethings worth TERM 26 %age of products that fail DEFINITION 26 90% TERM 27 brand extension DEFINITION 27 to add new lines to an existing product TERM 28 implied warranty DEFINITION 28 a product should function the way one would expect TERM 29 written Warranty DEFINITION 29 is in print TERM 30 when they say no to giving $back DEFINITION 30 -go to manufacture -small claims court -corporate -gov. TERM 31 2% of people complain on a high level to DEFINITION 31 attorney general TERM 32 BBB DEFINITION 32 better business bureau -businesses pay for it TERM 33 e-commerce DEFINITION 33 buying things online -CME(consumer mediated environment) TERM 34 %age of goods purchased but never used DEFINITION 34 12% -includes gift cards (which is just pure cash for store) TERM 35 Adam Smith said DEFINITION 35 -consumer drives the system -consumer's king -family takes care of it's own -laissez fair(hands off)