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Refers to the use of goods and services to satisfy needs and wants: Consumption 3 Factors which affect consumption: Education, age, price, lifestyle, culture. Income that remains after all deductions have been made: Disposable income Holding money and saving it for later can be referred to as: Deferred consumption The price of one good or service compared to the prices of other goods and services: Relative price Is a message designed to persuade people to buy one product instead of another: Advertising 2 Advertising techniques: Repetition, scare techniques, snob appeal, imitation, association, humour, comfort and enjoyment. Finding the most suitable product for the cheapest price: Comparison shopping Allows the consumer immediate use of goods , services or money in return for a promise to pay back later with interest: Credit Ability to obtain a loan based on good credit in the past: Credit rating Person responsible for paying the loan if you cannot: Guarantor The 5 main types of consumer credit loans: Variable credit, installment plans, personal loans, line of credit and morgage loans.
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