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Consumer Economics Exam 3
Chapters 6,7, 11, 12 of Goldsmith, E.B. (2016). Consumer Economics: Issues and Behaviors (3rd edition), Routledge.
27
Economics
Undergraduate 1
03/08/2021

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Cards

Term
Biometrics
Definition
The use of one's unique physical traits to verify identity.
Term
Technical Disruption
Definition
When something so new comes along that it disrupts existing patterns of [consumer] behavior.
Term
Digital Divide
Definition
Not everyone has equal access to the internet.
Term
Complaints about online shopping?
Definition
  • Product return policies
  • Quality of merchandise
  • Slow or poor customer service
  • Refund and billing policies
  • Privacy, security, and trust issues
  • Complex or difficult-to-navigate websites
Term
The use of the internet is based on what factors?
Definition
  • Household Income
  • Age
  • Gender
  • Country
  • Education level
Term
Most common complaints that the FTC receives in regard to auctions/sellers?
Definition
  • They do not deliver the goods as advertised
  • They deliver something far less valuable
  • They do not deliver on time
  • They fail to disclose relevant information (cracks, tears, etc.)
Term
The directionality of social influence
Definition
Invention/innovation→ Introduction→ Social Influence→ Buying/adopting→ Use→ Evaluation
Term
What is one general trend among internet users?
Definition
The higher their income and the higher their educational level, the more they use the internet
Term
when was the main breakthrough for search engines and when did Google become prominent?
Definition
the 90's and the 00's, respectively
Term
What are web search engines?
Definition
Software systems designed to search for information on the world wide web
Term
what is the leading search engine in Korea?
Definition
Naver
Term
what is the key to ebay's success?
Definition
trust among buyers, sellers, and the company that facilitates auctions
Term
when was ebay founded?
Definition
1995
Term
What are the main choices for online purchases?
Definition
  • PayPal
  • Credit cards
  • money orders
  • cashier's checks
Term
T/F most auction fraud related complaints have to do with the seller?
Definition
true
Term
What is the marketspace?
Definition
The internet realm where buying and selling take place
Term
List four privacy-related regulations
Definition
  • Sarbanes-Oxley Act
  • Gramm-Leach-Bliley Act
  • Fair Credit Reporting Act
  • HIPPA
Term
What three kinds of trust do consumers need before buying?
Definition
  1. Trust in the mechanics of the selling process
  2. Trust in the fairness and the integrity of the people involved
  3. Trust in the firm or institution and its ability to fulfil the delivered promise
Term
what are some rules to follow when buying online?
Definition
  • Use secure connections and websites
  • Shop for known brands with known companies
  • Keep passwords private
  • Pay by credit card
  • Update virus program
  • Keep a record
  • Read the company's online privacy policy
Term
What does the Children's Online Privacy Protection Act require?
Definition
Commercial website operators to get parental consent before collecting personal information from children under the age of 13
Term
What is strong encryption?
Definition
The ability to achieve unbreakable confidentiality
Term
What are some internet safety tips for parents?
Definition
  1. Create rules for internet use in the home
  2. Know what your kids are doing online
  3. Use the internet with your kids
  4. Don't allow solitary surfing
  5. If you agree to let your child meet an online buddy, go with them
  6. Don't rely on technology as a substitute for you
Term
Biometrics include. . .
Definition
fingerprint scanners, eye readers, facial analysis, speech analysis, body odor analysis, signature analysis, privacy issuses
Term
What can be used to steal your identity?
Definition
social security number, drivers license number, credit card number, student ID number, account number, phone number, email, or street address
Term
Ethical issues can be categorized into what ways?
Definition
  • Privacy
  • Accuracy
  • Property
  • Accessibility
Term
The Identity Theft and Assumption Deterrence Act (1998) makes it illegal to do what?
Definition
Uses another person's ID with the intent to commit any unlawful activity
Term
How do identity thiefs obtain your information?
Definition
  1. By stealing wallets or purses
  2. By stealing the mail
  3. By completing a "change of address" form
  4. By going through your trash for personal information
  5. By posing as someone else (landlord, employer, bank)
  6. By using information that you share on the internet
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