Year 9 YEARLY EXAMS Flashcards
4 basic consumer rights
- product must be of merchantable quality
- goods must be fit for purchase
- Must match the description
- Must receive clear title to the goods
Organisations that provide assistance for consumers
- State government (office of fair trading)
- Ombudsman
- Federal government (ASIC and ACCC)
- Independent organisations (CHOICE)
- The media
Scam
An illegal business practise
Types of scams
- Referral selling
- False or misleading advertising
- Unordered goods
- Special prizes and offers
- Get rich-quick scheme
Process of consumer redress
- Identify the problem
- Gather receipts
- Consult the store
- Negotiate the outcome e.g. refund, exchange
- Contact NSW fair trading and seek advice
- Write a letter of complaint
- Lodge a complaint
Contract
A written or spoken agreement concerning employment, sales, or tenancy, that is intended to be enforceable by law.
Features of a simple contract
- Offer
- Acceptance
- Consideration
- Legal object
Rip-off
Legal, but unethical practise by a seller
Issues when travelling
- safety
- language
- war zones
- democracy
Factors affecting choice of destination
- visa (passport)
- price
- political stability
Problems travellers may face:
- Travel documentation (loosing passports)
- Financial problems (stolen money, currency issues)
- Legal (laws)
- Cultural (behaviour, clothing, language)
Organising an itinerary
Where to stay, getting around, length of stay, what to see, tourism.
Planning a trip
- Itinerary
- Budget
- Insurance
- Travel documents
Generic brand
Brand that is not advertised, and is sold at a price lower than the branded product
Brands and products
- Generic brands
- Quality
- Purpose
- Brand names
Environmental consideration
- Organic
- Non-organic
- Environmentally friendly
- Ethical
Types of retail stores
- Department store
- Supermarket
- Discount store
- Speciality store
- Retail shopping
- Online shopping
- Category killer
Supermarket
Self-serve stores that sell a wide variety of food and household items.
Department stores
Elaborate displays and provide entertainment and gift wrapping.
Discount stores
Offer a range of goods. Cheaper than department stores.
Category killers
Retail outlets that dominate the sale of a particular
Speciality stores
Offers specific and specialized types of items.
Retail shopping
A store that sells smaller quantities of products or services to the general public.
Category killers
Retail outlets that dominate the sale of a particular product.
Location
Locally, interstate, national, global
Key factors affecting consumer decisions:
- Convenience
- Marketing
- Gender
- Age
- Price
Types of goods and services:
- Needs and wants
- Substitutes
- Durable/Non-durable
Types of income:
- Superannuation
- Salary
- Royalties
- Wage
- Commission
- Investment
Variable expenses
- Food
- Clothing
- Entertainment
Fixed expenses
- Bills
- Phone plan
Reasons for saving
- Retirement
- Emergency money
- Satisfying needs/wants
- Debts
Factors affecting spending patterns
- Wealth
- Level of income
- Age
Reasons for borrowing money:
- Buy something you can’t afford
- Get money fast
- Emergencies
Reasons against borrowing:
- Interest
- Bankruptcy
- Impulse buying
Types of loans
- Credit card
- Mortgage
- Personal loans
- Store credit
