The Consumer Flashcards
What is the consumer
Consumers by good for their own personal use
What are good
They are physical and you can touch them example– Toys, clothes, food, books
What are services
They are provided by others and you cannot touch them example – haircut, the dentist, taxi, Internet
What is a wise consumer
A wise consumer is a person who asks themselves wise questions before purchasing an item
What is proof of purchase
Example of with of purchase is a receipt
What is written on the receipt
Date of payment – amounts paid – name of person paying the money – signature of person to win the money was paid -receipt number
What is an impulse buyer
And impulse buyer is the opposite of a wise consumer. They buy on the spur of the moment
What is the brand name
Unique name given to a product which distinguishes it from similar products made by companies
What’s our symbols
They are certain tags and symbols which are attached to certain products
What should all labels include
They should include name of product sold_ingredients_net quantity of the products (weight)_best before date/to use by dates_storage conditions.
What are loss leaders
It is when a company offers products at a very low price in order to attract customers into the shop. (They do it is so customers will buy other products that are highly profitable)
What is the law of contract
A contract is a legally binding agreement
What’s the three elements must be in a contract to make a valid
(Offer) – is made by one person.
(Acceptance) – there is acceptance of the offer by another person
(Consideration) that there is consideration (payments)
What are the consumer laws
They protect the consumer
Give two reasons of consumer laws
Unsafe or low quality goods – over charging consumers