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Chapter 3

Consumer

TermDefinition
Better Business Bureau A nonprofit, business-sponsored agency with local offices dedicated to educating consumers, helping to resolve disputes, and promoting honest business practices
Competition A contest among sellers to win customers
Federal Trade Commission Federal agency responsible for protecting consumers from unfair or deceptive business practices, such as misleading information in advertising or on product labels.
Monopoly A company that has an unfair advantage over competitors in an area of business.
Redress To seek and receive a remedy to a problem
Warranty A company's promise that its product will meet specific standards over a given time period, or the company will repair or replace it,or give a refund.
Created by: Ortizj41