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Consumer

Ch 1. 6-7

TermDefinition
Consumer is anyone who buys goods and services.
False economy a situation which appears cheaper turns out in the long run to be more expensive.
Caveat Emptor Let The Buyer Beware.
The Sale of Goods and Supply of Services Act 1980 the goods must be: merchantable quality,fit for purpose,match the sample and be the same as the description. The services must be: carried out by the person with necessary skill, must do the job properly and materials must be good quality.
Remedy Repair,Refund,Replacement,Credit Note.
Credit Note is a document made out to the consumer for the value of the goods returned. It allows them to purchase other goods from that shop equal in value to the goods returned.
Guarantee is a promise by a manufacturer to repair or replace damaged goods free of charge within a stated period of time.
The Consumer Information Act 1978 deals with any statements made about goods by the manufacturer in advertisement,etc.
Below cost selling is when certain shops sell popular products very cheaply in order to attract people into their shop.
Loss Leaders products that are sold below cost price.
Ombudsman is a representative of the people, they will investigate complaints by members of the public who have a problem with certain organisation.
The Small Claims Court is used by consumers who are making claims for faulty or poor quality goods.
The Advertising Standards Authority for Ireland (ASAI) an organisation that investigates complaints from member of the public who find an advertisement offensive,upsetting,etc.
Trade Association an organisation that represents particular traders,manufacturers or retailers. e.g. ITAA,SIMI,RECI.
Bar code is a series of black and white lines and figures found on the packaging on most products.It contains products information e.g. price,name,weight,origin,etc.
Receipt is written proof to the consumer that they have purchased and paid for the item to which the receipt refers.
Good Consumer is aware of their legal rights,they try to buy goods and services of good quality and good value,they keep their receipts and guarantees.
Unit Pricing it enables a consumer to decide what is the best value, food labels must show the price per kilo/liter rather than over all price.
National Consumer Agency (NCA) informs consumers of their rights,promotes strong consumer culture,helps business comply with law and represents consumer interest.
The Consumer Protection Act 2007 established the NCA,deals with misleading claims about goods,services and prices.Deals with EU directives on unfair, aggressive, misleading and prohibited commercial practices.
Money is anything of value that is widely accepted as payment for goods and services.
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