consumer choice defintions Flashcards
acceptable quality
fit for purpose, free from defects ect
acceptence
when offeree agrees to proposal
barter
swaping or exchanging of a good
book up
a charge account operated by trader
budget
list of income and likley expenditures
business
any organisation that produces and sells goods and services in order to make a profit
caveat emptor
buyer beware
cheque
a written communication ordering your financial institution to pay a person a specific amount of money
comparison shopping
looking around to obtain the best deal
consideration
the giving up of something of value
commerce
the buying and selling of goods and services between individuals and bussinesses
consumer
someone who purchases goods and services to satisfy needs and wants
consumer guarantees
sets of rights and remedies for defective goods and services
contract
a legally binding agreement
distribution chain
the ways of getting products to the consumer
drawee
financial institution that frovides cheque account facilities
e-commerce
the buying and selling of goods via the internet
EFTPOS
electronic funds transfer at point of sale
electronic transfer
trasfer of funds from one account to the other via the internet of telephhone
e-tailer
electronic retailer
goods
item you can see of touch
impulse buying
buying something without giving much thought
income
money recieved on a regular basis from work, property, bussines ect
interest
the extra money you have to pay back when you borrow money
labour force
people aged 15 and over who are either employed or unemployed
mail order
to buy a product and recieve it by mail services
manufacturer
a person or business that makes goods
money
a token with agreed value used as payment
needs
necessary for survivial
offer
a proposal
online shopping
purchasing a product over the internet
payee
a person who is to recieve the money from a cheque
price
anount of money a consumer is willing to pay
profit
what remains after all business expences are deducted from sales revenue
redress
to set right
retailer
a bussines that sells products directly to consumers
rip off
to over charge or swindle
scam
a illegal business practice
services
things done for you by others
unconscionable act
a practice by sellers that is either illegal of morally wrong
wants
things that we do not need but we like to have
wholesaler
buys goods in large quantities from the manufacturer
