Final answer:
An economist would use the term discount to describe the assignment of value or the amount the consumer must exchange to receive a product at a reduced price.
Step-by-step explanation:
When a shopper gets a "good deal" on a product, an economist would use the term discount to describe it. A discount is a reduction in the price of a product or service, allowing the consumer to pay less than the original value. It is a common strategy used by businesses to attract customers and increase sales.
For example, if a product is originally priced at $100 and the consumer receives a discount of 20%, they would only need to pay $80 to purchase the product. The discount represents the amount the consumer must exchange to receive the offering or product at a reduced price.
Discounts can take various forms, such as percentage-off sales, buy-one-get-one-free offers, or seasonal promotions. They are used to incentivize customers to make a purchase and can be an effective marketing tool for businesses.