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Consumer Ec 1 > Week 4 > Flashcards

Week 4 Flashcards

0
Q

Modular home

A

Home kits, cheaper, prefabricated buildings

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1
Q

Kelley Blue Book

A

List of all the years cars- price, value, etc

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2
Q

Mobile home

A

Permanent house trailer

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3
Q

Ralph Nader

A

Consumer protection, humanitarian, environmentalism, and American political activist

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4
Q

JFK

A

Introduced consumer bill of rights in 1962

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5
Q

Lemon laws

A

American state laws that provide a remedy for purchasers of Lemons

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6
Q

Energy star

A

Company that labels products to be energy efficient

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7
Q

Nafta

A

Allows for easier trade between US, CAN, and MEX

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8
Q

Small claims court

A

Right to be heard: dot need a lawyer

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9
Q

Vin number

A

Vehicle identification number, helps with finding info about that car

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10
Q

Multi family home

A

Rental property that holds more than one residential unit

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11
Q

Duplex

A

2 dwelling units, usually rented- small

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12
Q

Subsidies

A

A sum of money granted by govt to assist business with commodities or service

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13
Q

Consumer movement

A

What people are buying and tithe prices, places, and products

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14
Q

Caveat emptor

A

May the buyer beware

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15
Q

Equal credit opportunity act

A

1974 act that says you can’t discriminate

16
Q

Sticker price

A

Never pay this except if ordering car

17
Q

Invoice price

A

After everything is finalized- aka delivery price

18
Q

Single family home

A

More expensive, what we live in

19
Q

Recall

A

To bring back a unsafe product

20
Q

Quota

A

Govt limit on quantity or value of certain imported items that tend to raise consumer pricesp

21
Q

Food and drug administration

A

Labeling for allergies ingredients etc

22
Q

Federal trade commission

A

Monitors advertising and prevents and acts upon false ads

23
Q

Federal Communications Commissio

A

Give licenses to tv stations and monitors what we see

24
Q

United States postal service

A

Monitors for mail fraud, not just deliver mail

25
Q

Consumer product safety commission

A

Recalls and bans unsafe products

26
Q

Interstate commerce commission

A

Monitors surface transportation and trade across state borders

27
Q

Security deposit

A

Money the landlord from the tenant other than advance payment of rent

28
Q

Foreclosure

A

When bank takes over your unpaid goods usually homes

29
Q

Pyramid schemes

A

Starts with one, a letter to 10 ask for money say they will et some, then those ten send a letter to ten more people

30
Q

Fair housing act

A

1968 equal housing opportunities or all

31
Q

Consumers bill of rights

A

JFK 1962

32
Q

The 3 economic roles you play in your lifetime?

A

Producer, consumer, and citizen

Consumer Ec 1 (5 decks)

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