Consumer Education Flashcards
Who is a consumer?
A consumer is someone who has purchased goods and or services for personal consumption or who uses economic goods and services to satisfy their needs and wants.
What is credit?
Credit is used to obtain goods or services before payment, based on the trust that payment will be made in the future.
What are needs?
Needs are human requirements which must be satisfied for survival for example food and clothing.
What are wants?
Wants are human desires which are unlimited for example designer clothes.
What is the difference between needs and wants?
Needs are human requirements which must be satisfied while wants are human desires which are unlimited and aren’t as important.
What are the 4 ways to pay for goods and services?
- Cash
- Cheque
- Debit Card
- Credit Card
What is the difference between consumer rights and consumer responsibilities?
Consumer rights are things the consumer are entitled to while consumer responsibilities are what they are expected to carry out.
What is a credit card?
A credit card is a card issued by a financial company which enables the cardholder to borrow funds. The funds may be used as payment for goods and services.
What is the consumer’s Right to Satisfaction of Basic Needs?
Citizens must demand access to essential goods and services such as adequate food, clothing, shelter, health care, education, public utilities, water, and sanitation.
What is the consumer’s Right to Safety?
Protection from hazardous goods or services.
What is the consumer’s Right to be Informed?
To be protected against fraudulent, deceitful or misleading information and to have access to accurate information and facts needed to make informed choices and decisions.
What is the consumer’s Right to Choose?
To have access to a variety of products and services at fair and competitive prices.
To express and represent consumer interests in the making of economic and political decisions. Which consumers right is stated in the statement above?
The Right to be Heard
To be compensated for misrepresentation, shoddy goods or unsatisfactory services. Which consumers right is stated in the statement above?
The Right to Redress
To become a skilled and informed consumer capable of functioning effectively in the marketplace. Which consumers right is stated in the statement above?
The Right to Consumer Education