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The Consumer
1st Year Business Studies
| Term | Definition |
|---|---|
| Consumer | a person who buys goods and services for personal use from someone whose business it is to sell goods and services |
| trader | buys goods to resell them |
| Brand name | a 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 parities to a contract |
| forms of consumer redress | refund, repair or replace |
| guarantee/warranty | written undertaking that the manufacturer, or somebody appointed by the manufacturer will repair or replace an item within a stated period of time after the purchase date |
| false economy | a situation where we buy something that costs less than other brands or seems to be better value but turns out to be more expensive in the long run. |
| two consumer laws | The Sale of Goods and Supply of Services Act 1980 |
Created by:
GClarke
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