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Chapter 3
Consumer Education
| Question | Answer |
|---|---|
| Right to safety | products must not endanger consumers lives/health |
| Right to be informed | provide accurate information in advertising, labeling or sales practice |
| Right to choose | have a variety of goods and services from which to be choose |
| Right to be heard | government must consider consumer interest when creating laws |
| Right to redress | consumer are able to obtain fair remedies to consumer problems |
| Right of consumer education | sufficient information should be available for consumer to make rational decisions |
| Right to a healthy Environment | Business should avoid polluting the environment and should contribute to the welfare of the community in which they operate |
| Responsibility to use product safely | responsible for following the manufacture instructions for proper use and maintence |
| Responsibility to use information | consumer are responsible for using the information to evaluate product choices |
| Responsibility to choose carefully | take advantage of product variety by considering many options and making rational choices |
| Responsibility to speak up | tell their elected officials their options on consumer issues and inform them of improper business practices |
| Responsibility to seek compensation | should inform business of product defects and unfair practices |
| Responsibility to learn | take advantages of opportunity to gather information and learn how to make rational buying decisions |
| Responsibility to contribute to a healthy environment | support businesses that operate responsibly and report environment abuse to authorities |
| Competition | contest amongst sellers to win customers. This helps keeps prices reasonable |
| Monopoly | a company which had an unfair advantage over competitors in an area of business |
| First step toward consumer protection took place soon after the | American revolution |
| Consumer Movement | consumerism seeks to protect and inform consumers by requiring such practices as honest advertising, product warranties and improved safety standards. Which we wanted |
| Federal Trade Commission (FTC) | protecting consumers from unfair or deceptive business practices such as misleading information in advertising or on product label |
| Consumer Product Safety Commission(CPSC) | protect consumer from dangerous products |
| Environmental Protection Agency(EPA) | protect our environment and make sure that business safely dispose of hazardous waste produced during manufacture. |
| Food and Drug Administration(FDA) | protect us against bad food and drugs and make sure what we eat is safe, also do cosmetics |
| Warranties- | company’s promise that the product will meet specific standards over a given time period, or the company will repair or replace it or give a refund |
| Full warranty | specific written guarantee. Must guarantee that the company will repair or replace a defective product within a specified time period at no charge |
| Limited warranty | warranty that does not meet the standards of a full warranty because of specified limitations |
| Implied warranty | unwritten guarantee that the product is of sufficient quality to fulfill the purpose for which it was designed |
| Deception | misleading |
| Trading up | the practice of pressuring consumers to buy more expensive product that they intended |
| Sale price | price that is below the actual price of the product |
| Suggested retail price | what the manufacturer suggested the price should be when the retailer sells the products |
| Loss leader | the item priced below cost to attract you to the store is |
| Fraud | deliberate deception, designed to secure unfair or unlawful gain |
| A statement is fraudulent if these two conditions are met | 1. person who made the statement must know it is false 2. purpose of statement must be to cause other to give up property that has value like money |
| bait and Switch | baiting consumers with an advertised but nonexistent bargain and then switching them to a more expensive product |
| pyramid scheme | a type of financial fraud in which people pay to join an organization in exchange for the right to sell membership to others, when there is no actual product |
| better business bureau | non profit agency, helps resolve disputes between consumers and sellers |
Created by:
Brightonvball