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5.01Personal Finance

Consumer rights and responsibilities

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