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5.01Personal Finance
Consumer rights and responsibilities
| Term | Definition |
|---|---|
| Good | A physical abject that is purchased. |
| service | An action that is performed for someone’s benefit Examples: car repair, hair cut, internet connection, cell phone connection |
| retailer | One who sells goods and services directly to consumers |
| marketplace | All retailers’ goods and services available to the general public |
| merchandise | A product or physical item purchased Examples: clothes, video games, music discs, computer, cell phone |
| consumable product | A product that typically provides a single use or period of use and is destroyed or dissapears as the consumer enjoys the product Examples: food, cell phone montly service minutes, electricity, and gasoline |
| durable product | A product that lasts for a long peirod of time and continues to be available to the consumer for more than a single use. Examples: cars, washing machines, computers, cell phone |
| warranty | A guarantee that a product is in good working order and will give good service for a reasonable amount of time. |
| government agency | An organization that operates as part of the state or federal government |
| merchant services | Any helps provided to consumers by companies/stores/businesses |
| consumer affairs department | A department of a business that communicates with customers about their rights and needs as consumers |
| consumer advocate | A person or ogranization that works on behalf of consumers’ interests and rights |
| Better Business Bureau (BBB) | A nonprofit organization sponsored by private businesses that attempts to settle consumer complaints against local businesses |
| consumer action panel | A group formed by a trade association to address consumer complaints |
| right to be safe | Being entitled to protection against potentially harmful goods and services |
| right to be informed | Being entitled to information about a seller’s reputation, product and service performance, quality, and price |
| right to choose products and services | Having the opportunity to select goods, services, and places to shop |
| competition | A situation in which the same or similar goods and services are offered by more than one seller. |
| right to be heard | Having opportunities to make known likes, dislikes, and problems with products and services |
| right to redress | Being entitled to a fair and quick remedy to a wrong or loss |
| right to consumer education | Being entitled to training to gain knowledge and skills as consumers |
| right to service | Being entitled to convenience, courtesy, and responsiveness |
| right to a healthy environment | Being able to live in a safe, non-threatening environment |
| to use products safely | Read and follow manufacturers’ directions for using a product |
| to find and use information | Find materials to compare sellers and products/services to be purchased |
| to choose purchases carefully | Make purchases from companies with reliable products and ethical business practices |
| To speak up | Let companies know when product/services are defective or below standards |
| to seek redress | Pursue remedies whenever products/services do not meet expectations |
| to learn | Learn skills that prepare one to be confident, informed consumer |
| to reward good service | Use your buying power o support reliable sellers and services provider |
| To promote a healthy caring relationship with the enviroment | consider the effect on the environment of consumer practices, and support companies that consider the environment as well |
Created by:
eakesmi
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