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Chapter 1 Econ.
Review
| Term | Definition |
|---|---|
| Harvey Wiley | medical doctor proved that adding certain chemicals to food and drugs were dangerous |
| President JFK | identified 4 basic rights of consumers in message to Congress |
| President Gerald Ford | promoted the right to consumer education |
| Rachel Carson | Revealed dangers of insecticides and pesticides |
| Ralph Nader | focused attention on dangers of defective cars |
| Chase & FJ Schlink | demonstrated effects of misleading advertising |
| Upton Sinclair | exposed unsanitary conditions in meat packing plants |
| Financial Moderninzation Act | requires banks to tell customers how their personal information will be shared |
| cookie | used to predict a consumer's future purchases |
| identity theft | illegal use of an individuals personal information |
| fraud | deceitful conduct to manipulate someone and steal information |
| secure site | uses safeguards to protect information from theft |
| social security number | nine digit number used to track a person's earnings |
| consumer advocates | people or organizations who work on behalf of consumers |
| goods | physical objects that are produced by consumers |
| marketplace | all of the good and services available for sale to the general public |
| retailers | those who sell goods and services directly to consumers |
| consumer | uses goods and services |
| worker | produces good and services |
| citizen | uses and pays for public services |
| redress | remedy for a wrong or loss |
| consumer affairs departments | Departments of business who communicates with consumers about their rights and needs |
| consumer action panels | groups formed by trade associations to address consumer complaints |
| media | mass communication like tv, magazine, radio and web sites |
| bait and switch | advertising a product with no intention of selling it, but only to sell a higher priced product |
| pyramid scheme | fraudulent offers to invest in a business that simply recruits more people/ to earn commissions |
| chain letter | a get rich quick scheme sent by mail or email promising wealth by continuing the sending of a message |
| multilevel marketing plan | a way for distributors to legally sell products to consumers |
| fraud | deceitful actions that make someone do something they don't want to |
| marketing | experts work to determine what consumers want and will buy |
| aribrator | neutral person who hears both sides of a dispute and makes a decision |
| binding arbitration | when a decision is reached and is final |
| legal aid office | an office that works free of charge or at a discount f you don't have money and want to file a lawsuit |
| common complaint | form needed to file a class action lawsuit |
Created by:
mstrigueros
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