Final Test Revision Sheet

Gr. 8 Social Studies

Unit 4 Lesson 1: Types of Customers

* Customers are the people or organizations who engage in the process of
buying products and services.
* There are 7 types of customers:
a- Need-based Customers: they shop only for specific products and go to
the store only when they find the need for them.
b- Loyal Customers: they are very important to business because they
show loyalty to the brands or products they like and refuse to substitute
them with any other products in the market.
c- Discount Customers: they look for discounts or offers on the products
they want to buy.
d- Impulsive Customers: they tend to buy products mainly based on their
current mood, and usually listen to others’ recommendations.
e- Potential Customers: they are not customers yet, since they still need a
little bit of convincing and assistance in order to buy products.
f- New Customers: they are the customers who bought a product for the
first time and are still beginners in using it.
g- Wandering Customers: they don’t have any particular need for
shopping, but rather enter stores to check the atmosphere or setting.
* People’s income falls under two categories:
1- Disposable Income: it is the amount of money that is available for you
to spend after paying your taxes.
2- Discretionary Income: it is the money left for an individual after
paying for all the basic needs.
* There are 5 steps of the decision-making process:
1- Recognizing a problem: the customer develops a need or a want that
he/she wants to satisfy through a purchase.
2- Search process: the customer conducts research to look for the
product or service that best satisfies his/her need.
3- Evaluating alternatives: the customer will evaluate the options
offered and consider price, quality, etc.
4- Selection stage: the customer chooses the product that satisfies
her/his need.
5- Evaluation of decision: the customer evaluates whether his/her
choice met their expectations.

Unit 4 Lesson 2: Consumer’s Rights and Responsibilities

* Quality control: means that many organizations are in charge of
market, and that they check the quality of the product and services
provided to customers.
* Consumers’ Rights:
1. Right to be informed: knowing the product protects users against any
fraud.
2. Right to choose: means they have the right to choose from several
goods and services offered in the market.
3. Right to have problems corrected: customers have the right to take
any item that is not working properly back to the store in order to
replace it or get a refund.
4. Right to consumer education: the right to compare products to find
the best buy.
5. Right to service: consumers should be served in a respectful and fair
manner without any discrimination based on age, gender, or race.
* Responsibilities of consumers:
1. Responsibility to be aware: be aware of his/her rights and laws that
protect these rights.
2. Responsibility to take action: each consumer should be responsible
for filling complaints for any product or service that didn’t satisfy the
expected quality level or had a defect.
3. Responsibility to evaluate: the consumer is responsible to assess the
options offered to him/her in the market and compare price, quality,etc.
4. Responsibility to act cautiously: means complying with all the terms
and conditions of the chosen product.
5. Responsibility to be aware about environmental effects: a consumer
is responsible for the effects that his/her consumption of the purchased
product will impose on the environment.
* Before making any purchase, remember the rights and responsibilities
you have as a consumer.

Unit 4 Lesson 3: Starting a Business

* Business owner:
They are individuals or groups who own or rent a property for the sake
of making a profit from the business’s operations.
*Steps to start your own business successfully:
1. Conduct your research: conduct research to gather the required
information about your potential customers and any existing businesses.
Your research should:
- Study the need for the product or service.
- Assess people’s willingness to pay for your product or service.
- Identify your competitors.
- Identify your market.
- Plan potential price, price, cost, and profit.
2. Draft your business plan:
There are two options to choose from for writing your business plan:
a- Traditional business plan: this plan is very detailed and
comprehensive.
b- Lean startup plan: this plan summarizes the most important
elements of tour plan and might be written on one page only.
3. Plan your finance: stating a small business requires a primary
investment and the right planning in order to cover all the
expenses and start making money.
4. Set your business structure: this is whether you want to work
alone or with a partner or with other companies.
5. Name your business; license and register it
6. Choose your accounting system: this is to help you manage the
budget, set the prices, and file the tax payment.
7. Choose the best location to launch tour business.
8. Build your team: make sure to hire the right employees based
on the tasks and responsibilities.
9. Promote your new business idea: this includes designing
marketing plans, promotions, special offers, and samples.
* Tips to become a successful business owner:
1. Plan and set SMART goals (specific, measurable, achievable,
time-bound).
2. Be confident.
3. Be passionate about your products or services.
4. Stay focused on your strength.
5. Work on your business weakness.
6. Accept success and failure.
7. Ask for help when needed.

Unit 4 Lesson 4: International Trade: Improving the Economic of

Nations
* International Trade: is exchanging goods and services between
countries.
* International Trade allows countries to expand their markets
allowing more competition and competitive prices for customers.
* International Trade can raise the world economy by affecting
supply and demand and the overall prices in the economy.
*Types of International Trade:
1. Export trade:
This trade exists when countries provide goods and services to
other countries.
2. Import trade:
It occurs when countries buy goods and services from other
countries in order to resell them in the local markets.
3. Re-export trade:
This is a combination of both export and import trade. It includes
importing products from a country and exporting them to another
country for profit. It takes place in what is called an (entrepot).
* Why do countries need international trade?
- Because they have unequal distribution of natural resources.
- The need to increase production thereby raising the people’s
standard of living.
* Advantages if International Trade:
1. cheaper goods or services for customers.
2. Better goods or services available in the market.
3. Comparative advantage: this allow countries to specialize in
producing only goods and services that they are good at.
4. More competition: companies will compete to provide goods
and services with the best quality and the best price.
5. More job opportunities: International Trade provides more job
opportunities for members of both countries.
6. Easy transfer of technology.
7. Lower cost of production: countries transfer their production of
goods to another country in order to reduce production costs.

* Disadvantages of International Trade:

1. Being overdependent: When a country depends on other
countries’ products might reduce the demand in the local market.
2. Imposing challenges on new local companies.
3. Pressure on local natural resources.
* What is International Trade Law?
A set of law and agreements that manage and supervise the trade
taking place between countries.
* All countries and business should follow these rules and
regulations in order to correctly conduct trade across their
borders.
* When countries or companies engage in international trade,
they need to abide by the international trade law.