Consumer Studies Flashcards
Informed consumer know:
- Their legal rights
- How to make a complaint
- What organisations there are to help
Informed consumer buy with these questions in mind:
Can I afford this?
Is this the best price I can get?
Do I need it?
Does it do what I want it to Do?
What is a unit price?
Unit price = price / number of units
Usually in cents
What is impulse buying?
Buying something without considering it first. You have not compared prices for the best value
What is a false economy?
Buying something that is Cheaper, but in the long run, will cost more
What is a deposit?
A small sum paid to the seller to hold goods for you until you can afford to pay for them in full
What is a barcode?
A series of 13 digits and vertical lines. This shows the company number / product number / check number
What is a loss leader?
When a shop sells a product at a very low price to attract customers. The product is the loss leader
What is a price war?
When shops sell similar products to try undercut each other to increase market share
What are symbols?
They give extra information to the customer?
