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T-EPF M6L2 Key Terms
Traditional EPF Module 6 Lesson 2 Key Terms
| Term | Definition |
|---|---|
| Better Business Bureau | Nonprofit membership organization with chapters throughout North America that are focused on advancing marketplace trust. It promotes that mission primarily through two functions: rating businesses based on their reliability and performance, and facilitating the resolution of consumer complaints. |
| Consumer Reports | Evaluates products, services, and even insurance. The publication is produced by the nonprofit organization Consumers Union every month and its buying guides, tests, evaluations, and comparisons are all based on the magazine's own in-house testing. |
| Consumer Financial Protection Bureau | A regulatory agency charged with overseeing financial products and services that are offered to consumers. It is divided into several units: research, community affairs, consumer complaints, the Office of Fair Lending, and the Office of Financial Opportunity. These units work together to protect and educate consumers about the various types of financial products and services that are available. |
| Goods | Physical (can be touched), tangible things we produce. Consumers buy or sell and eventually consume them. They can be stored or transported. |
| Services | Non-physical (cannot be touched), intangible parts of our economy. |
| Social Responsibility | Means businesses acting in a manner that benefits society to maximize shareholder value. |
| Consumer Product Safety Commission | A government agency that protects consumers from products that may present safety hazards. The items that could pose a safety risk are fire, chemical exposure, electrical malfunction, or mechanical failure. Products that expose children to danger and injury are a high priority for the CPSC to investigate. CPSC also issues recalls of products that may be defective or that violate mandatory safety. |
| Customer Service | When the seller and buyer are in direct one-on-one interaction with each other in a transaction. |
| Warranty | Guarantee that a manufacturer or seller makes regarding the condition of its product. In addition, terms and conditions of the warranty will pertain to how repairs or exchanges will be handled in the event that the product does not function as originally described or intended. |
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dmcsorley13
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