Addicted to Cheap Shopping?

ADDICTED TO CHEAP SHOPPING?

Video Worksheet

1. How does the government calculate the rate of inflation?

Goods and Services

2. Why are electronic devices cheaper today?

Manufactures and retailers have been able to cut costs

3. Define economies of scale?

The more you sell the cheaper you can sell it

Cut cost and pass on savings to consumers

4. Where is the Mall of America located and what year did it open?

Bloomington, Minnesota 1992 Mall of America

5. Who is the founder of Wal-Mart?

Sam Walton

6. How much money does Wal-Mart make everyday? Every hour?

 1 billion 40 million

7. How much did Wal-Mart and their customers save by not

packaging deodorant in boxes? 60 million a year

8. What type of business is IKEA?

 Cash and carry

9. Why are products cheaper?

Globalization

10. Why is the cost of shipping cheap goods going down?

Containerization

11. Define fast fashion?

Designer fashion without the price

12. In the past, new fashion lines went on the shelf four times a year but how

many times a year does it happen now? Everyday

13. Which types of shops suffer because of cheaper goods?

Charity shops

14. Where is the largest wholesale shopping center in the world located?

Yiuw, China

15. What is the goal of Chinese Entrepreneurs?

They would like to make their own products and keep the profit for themselves.