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Consumer Choice Defi
Glossary of the topic 'Consumer Choice'
| Term | Definition |
|---|---|
| Acceptable Quality | A product that is fit for purpose, acceptable in appearance, free from defects, safe and durable |
| Acceptance | When the offeree agrees to the proposal |
| Barter | The swapping or exchanging of one good for another |
| Budget | A list of income and likely expenditures |
| Businesses | Any organisation the produces and sells goods and services in order to make a profit |
| Caveat Emptor | A term meaning ‘Let the buyer beware’ |
| Cheque | A written communication ordering your financial institution to pay a person a specific amount of money |
| Commerce | The buying and selling of goods and services between individuals and businesses |
| Book-up | A charge account operated by a trader |
| Comparison Shopping | Contracting (by telephone, internet or in person) a number of sellers to obtain the best deal |
| Consideration | The giving up of something of value |
| Consumer | Someone who purchases good and services to satisfy needs and wants |
| Consumer guarantees | A set of rights and remedies for defective goods and services |
| Contract | A legally binding agreement |
| Distribution chain | The ways of getting the product to the customer |
| Drawee | The financial institution that provides cheque account facilities |
| Drawer | A person who writes and signs a cheque |
| E-commerce | The buying and selling of information, goods and services via the internet |
| EFTPOS | Electronic Funds Transfer at Point Of Sale |
| Electronic transfer | The transfer of funds from one account to another via the internet or telephone |
| E-tailer | Electronic Retailer |
| Goods | Items that you can see or touch |
| Impulse buying | Buying something without giving much thought as to whether you really need it |
| Income | Money received on a regular basis from work, property, business, investment or welfare payments |
| Interest | The extra money you have to pay back when borrowing money |
| Labour Force | People aged 15 and over who are either employed or unemployed |
| Mail Order | To buy products, via catalogues, for delivery by mail |
| Manufacturer | A person or business that makes goods |
| Money | Any token, with an agreed value, that people accept as payment in exchange for a good or service |
| Needs | Things that are necessary for survival, such as water and food |
| Offer | A proposal |
| Online Shopping | Purchasing products over the internet |
| Payee | The person who is to receive the money from a cheque |
| Price | The amount of money a consumer is prepared to offer in exchange for a good or service |
| Profit | What remains after all business expenses are deducted from sales revenue |
| Redress | To set right |
| Retailer | A business that sells products directly to consumers |
| Rip Off | To overcharge or swindle |
| Scam | An illegal business practice |
| Services | Things done for you by others |
| Unconscionable Act | Any practice by a seller that is just not reasonable and often illegal |
| Wants | Things that are not essential for survival but that we would like to have |
| Wholesaler | Buys good in large quantities from the manufacturer |
Created by:
Tanyaa
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