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The Consumer
Key Definitions
| Term | Definition |
|---|---|
| Consumer | a person who buys goods and services for personal use from someone whose business is to sell goods and services |
| Trader | a person who buys goods to sell them |
| Brand Name | unique name given to a product to distinguish it from similar products made by other companies |
| contract | legally binding agreement |
| consideration | something of value that passes between the parties to a contract |
| receipt | written proof that the consumer has bought and paid for a good or service |
| bar code | series of lines and numbers on a product |
| trade association | organisation representing all or most of the producers or sellers in a particular industry |
| guarantee | a promise from a manufacturer to offer a refund or a replacement to consumers who have purchased faulty goods |
| warranty | an additional promise by a manufacturer or seller to repair damaged goods within a stated period of time. |
| credit note | a document given by the retailer to the consumer for the value of the goods retuned. |
| caveat emptor | means let the buyer beware |
| below cost selling | shops sell popular products very cheaply in order to attract people into their shops. |
| false economy | buying a good which you think will save you money in the long run where in fact it ends up costing you more money in the long run. |
| impulse buying | buying goods or services without considering if they are needed and can be afforded. |
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