Terminology
The buying and selling of goods and services between individuals and businesses
Commerce
EFTPOS
Electronic funds transfer point of sale
Customer Service, Price, Convenience, marketing and advertising, gender, environmental considerations, disposable income, social media, cultural factors
A plan that might cover income and spending for the week, month, year and even future years.
Budget
An organisation that provides assistance to consumers.
State Government, Ombudsman, Federal Government, CHOICE, The media
Someone who purchases goods and services to satisfy needs and wants
Consumer
Caveat Emptor
Buyer Beware!
The amount of money that households have available for spending and saving after income taxes have been accounted for
Disposable Income
Shopping around to obtain the best deal
Comparison Shopping
Two of the most common false and misleading advertising techniques.
Bait and switch advertising & Misleading advertising
A legally binding agreement
Contract
GDP
Gross Domestic Product
Good pre-sales and after-sales service makes you feel you are a valued customer.
Customer Service
Buys in large quantities, then sells smaller quantities to retailers.
Wholesaler
Any practice by a seller that is just not reasonable, such as scams and rip-offs.
Unconscionable Act
A court order that allows an employer or bank representative to take money from your wages or accounts and give it to your creditors
Garnishee
MNC
Multinational Corporation
The set of basic values, perceptions, wants and behaviours of a particular community or group of individuals.
Cultural Factors
The supply of money now in return for the promise of paying it back later.
Credit
The 3 elements of a contract.
Offer, Acceptance Consideration
What you have to forgo if you choose to do A rather than B; the value of the next best alternative that is forgone whenever a choice is made
Opportunity Cost
ASIC
Australian Securities and Investment Commission
The average consumer is exposed to an estimated ____ marketing strategies every day.
500
A written communication ordering your financial institution, called the drawee, to pay a person a specific amount of money.
Cheque
The name of a piece of protective legislation.
Competition and Consumer Act 2010 (Cwlth)