Shared Flashcard Set

Details

5.01
5.01
33
Finance
9th Grade
03/22/2013

Additional Finance Flashcards

 


 

Cards

Term
good
Definition
A physical object that is purchased
Term
service
Definition
An action that is performed for someone’s benefit
Examples: car repair, hair cut, internet connection, cell phone connection
Term
retailer
Definition
One who sells goods and services directly to consumers
Term
marketplace
Definition
All retailers’ goods and services available to the general public
Term
merchandise
Definition
A product or physical item purchased
Examples: clothes, video games, music discs, computer, cell phone
Term
consumable product
Definition
A product that typically provides a single use or period of use and is destroyed or dissapears as the consumer enjoys the product
Examples: food, cell phone montly service minutes, electricity, and gasoline
Term
durable product
Definition
A product that lasts for a long peirod of time and continues to be available to the consumer for more than a single use.
Examples: cars, washing machines, computers, cell phone
Term
warranty
Definition
A guarantee that a product is in good working order and will give good service for a reasonable amount of time. A full warranty has no specific limitations while a limited warranty does and must state what the limitations are. For example, a used car warranty might state that the dealer would be responsible for repairs on certain types of parts and equipment for a specifified timeframe. Consumers would be responsible for paying for other repairs not covered under the warranty.
Term
government agency
Definition
An organization that operates as part of the state or federal government
Term
merchant services
Definition
Any helps provided to consumers by companies/stores/businesses
Term
consumer affairs department
Definition
A department of a business that communicates with customers about their rights and needs as consumers
Term
consumer advocate
Definition
A person or ogranization that works on behalf of consumers’ interests and rights
Term
Better Business Bureau (BBB)
Definition
A nonprofit organization sponsored by private businesses that attempts to settle consumer complaints against local businesses
Term
consumer action panel
Definition
A group formed by a trade association to address consumer complaints
Term
right to be safe
Definition
Being entitled to protection against potentially harmful goods and services
Term
right to be informed
Definition
Being entitled to information about a seller’s reputation, product and service performance, quality, and price
Term
right to choose products and services
Definition
Having the opportunity to select goods, services, and places to shop
Term
Consumer Rights
Definition
A basic set of protections, agreed upon by society and written into law, that apply to purchases of merchandise and services in the United States
Term
competition
Definition
A situation in which the same or similar goods and services are offered by more than one seller.
Term
right to be heard
Definition
Having opportunities to make known likes, dislikes, and problems with products and services
Term
right to redress
Definition
Being entitled to a fair and quick remedy to a wrong or loss
Term
right to consumer education
Definition
Being entitled to training to gain knowledge and skills as consumers
Term
right to service
Definition
Being entitled to convenience, courtesy, and responsiveness
Term
right to a healthy environment
Definition
Being able to live in a safe, non-threatening environment
Term
Consumer Responsibilities
Definition
Types of activities a consumer is expected to perform as part of a purchase decision
Term
to use products safely
Definition
Read and follow manufacturers’ directions for using a product
Term
to find and use information
Definition
Find materials to compare sellers and products/services to be purchased
Term
to choose purchases carefully
Definition
Make purchases from companies with reliable products and ethical business practices
Term
to speak up
Definition
Let companies know when products/services are defective or below-standard
Term
to seek redress
Definition
Pursue remedies whenever products/services do not meet expectations
Term
to learn
Definition
Learn skills that prepare one to be a confident, informed consumer
Term
to reward good service
Definition
Use your buying power to support reliable sellers and service providers
Term
to promote a healthy caring relationship with the environment
Definition
Consider the effect on the environment of consumer practices, and support companies that consider the environment as well
Supporting users have an ad free experience!