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ConsumerEd Test 1
consumers/producers, types of economies, government agencies, supply&demand, etc
| Term | Definition |
|---|---|
| consumers | people who interact with the economy by buying and using goods and services |
| producers | people who produce goods and services |
| monopoly | when and company/brand controls a field of goods or services |
| law of scarcity | limited money and unlimited wants/needs |
| inflation | when the dollar loses value |
| recession | there is not enough money in circulation |
| imports | goods and services bough from another country |
| exports | goods and services sold to another country |
| private ownership | something is owned by private businesses or people and not the government |
| supply | the available quantity of a product |
| demand | how much a product is wanted |
| supply and demand relationship with price | supply and demand influences how much a product is sold for based on what consumers will pay |
| profit motive | features of economy that make consumers want to make money |
| competition | multiple options of goods and services at comparable quality and price |
| government regulations | ways the government interacts with the economy |
| market economy | economy with no government regulation |
| traditional economy | economy controlled by trade and not having any imports or exports |
| command economy | economy controlled by government with no choice |
| consumer rights | right to safety, choice, information, regress, basic needs, representation, consumer education, and healthy environment |
| consumer responsibilities | consumers have the responsibility to do something because of corresponding rights (ex. reading fine print, comparing price, not polluting excessively) |
| what to include on a complaint/compliment letter | return address, company address, information about purchase, description of issue, expected solution |
| USDA | department of agriculture |
| USDA | addresses climate change, deals with food and nutrition insecurity, advances racial justice, and promotes market opportunities |
| DOC | department of commerce |
| DOC | promotes economic growth and security, boosts job creation, supports minority businesses |
| DOD | department of defense |
| DOD | manages military necessary to the safety and security of country |
| DOED | department of education |
| DOED | establish education policies, gives student loans, works to help safety in schools |
| DOE | department of energy |
| DOE | manage energy policies and nuclear energy/weaponry |
| HHS | department of health and human services |
| HHS | encourage health of country through research of medicine and food and creation of human services |
| DHS | department of homeland security |
| DHS | protects safety online and in person, prevents terrorism, and monitors who and what enters the country |
| HUD | department of housing and urban development |
| HUD | creates fair housing laws and addresses housing needs |
| DOI | department of the interior |
| DOI | manage public lands and national parks, manage responsibilities of trusts with native populations |
| DOJ | department of justice |
| DOJ | uphold law and keep country safe while protecting civil rights |
| DOL | department of labor |
| DOL | regulate workers rights: safe conditions, minimum wage, maximum work hours, child labor, equal opportunity, unemployment insurance |
| DOS | department of state |
| DOS | manage treaties and foreign affairs, represent country at united nations |
| DOT | department of transportation |
| DOT | create and manage a safe and efficient transportation system |
| VA | department of veteran affairs |
| VA | provide benefits to veterans |
| FTC | federal trade commision |
| FTC | protect consumers from unfair business practices and scam |
| IRS | internal revenue service |
| IRS | collect and review taxes to fund government |
| USPS | united states postal service |
| USPS | create and manage a reliable and affordable post service to connect the nation |
| NTSB | national transportation safety board |
| NTSB | investigate civil aviation incidents and significant incident among other transportation as well as issue recommendations to prevent similar incidents |
| CPSC | consumer products safety commission |
| CPSC | reduce injury and death risk from consumer goods through regulations/standards and recalls |
| EPA | environment protection agency |
| EPA | protect the environment from significant health risks |
| NASA | national aeronautics and space administration |
| NASA | explore and research space/aeronautics and regulate earth and space science |
| FDA | food and drug administration |
| FDA | monitor safety and efficacy of food, medicine, cosmetics, and medical equipment to insure public health |
| right to safety | products are labeled with use guides and tested for safety and performance |
| right to information | protects consumers from misleading advertising and makes facts about product available to consumers |
| right to choose | should be products with comparable quality and value |
| right to representation | consumers can express interests in economic legislation and have groups protecting interest to companies |
| right to basic needs | can get goods and services needed to ensure survival |
| right to redress | consumers can be compensated for misrepresentation and unsatisfactory products through returns, exchanges, and repaies |
| right to consumer education | consumers should be education of how the economy works |
| right to healthy environment | consumers should be able to live in a non threatening environment and have government protect limited resources |
| responsibilities because of right to safety | read labels, be aware of faulty or recalled products |
| responsibilities because of right to information | read labels and fine print, consult friends using same product |
| responsibilities because of right to choose | compare quality and unit price of products |
| responsibilities because of right to representation | support consumer groups, contact government about serious issue |
| responsibilities because of right to basic needs | look for quality over quantity or brand, look for affordable prices |
| responsibilities because of right to consumer education | use education mediums provided |
| responsibilities because of right to healthy environment | minimize personal pollution, speak out for environment |
| economy when government sets prices | command |
| economy where producers compete for consumer dollars | market |
| most economies are this | mixed |
| economy where people do not choose their own jobs | commands |
| US economy type | mixed market |
| John F. Kennedy | president who implemented consumer bill of rights |
Created by:
CEnts
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