Consumer Choice (C) Flashcards
What is batering?
The swapping or exchanging of one good for another.
What does caveat emptor mean?
Let the buyer beware…
What is comparison shopping?
Contacting a number of sellers to obtain the best deal.
What is a consumer?
Someone who purchases goods and services to satisfy needs and wants.
What is a drawee?
The financial instution that provides cheque account facilities.
What is a drawer?
A person who write and signs a cheque.
What does EFTPOS stand for?
Electronic Funds Transfer at Point Of Sale
What is a payee?
The person who receives the money from a cheque.
What are some key factors affecting consumer decision?
Age, Service, Price, Convenience, Marketing, Gender, Finance, Environmental
Who is the offeror?
The person making the offer.
Who is the offeree?
The other party.
What is a contract?
A contract is a legally enforceable agreement between two or more persons or parties.
Name the three essential elements of a contract.
1) Offer
2) Acceptance
3) Consideration
What does ASIC stand for and at what level does it operate (e.g. state, federal)?
Australian Securities and Investment Commission
Federal
What does ASIC do?
Protects consumers in the areas of investment life and general insurance, superannuation and banking in Austrlaia.
What does ACCC stand for and at what level does it operate?
Australian Competition and Consumer Comission
Federal/ national
What does it do?
Enforces and administers competition and consumer protection laws.
What does ACA stand for?
Australian Consumers’ Association
What does the ACA do?
Provides consumers with information and guidelines about goods and services.
List 7 ways you can pay for a good/s.
1) Cash
2) Credit (supply of money now in return for the promise of paying it back later)
3) Direct debit (automatic withdrawals of funds from your account).
4) Cheque (written communication)
5) Lay- by (pay a deposit and they make regualr payments for the good/s).
6) EFTPOS and BPAY
7) Book up- purchase goods from a retailer and pay at a later date (e.g. plumbers do this)
What is the Trade Practices Act 1974 (Cwth)?
A federal Act that applies to the business behaviour of companies. Its two major purposes are to protect consumers against undesirable business practices and to regulate certain trade practices that restrict competition.
What is the Fair Trading Act 1987 (NSW)?
A state Act that applies to individuals, as opposed to companies, who supply goods and services. The Act prohibits misleading and deceptive condct, false claims and unfair trade practices.
