Vocab
Is the price per unit of measure
Ordering your items from a catalogue and sending it in by mail
Mail Order
Which is better? A $20 vacuum that last 3 months or a $60 vacuum that lasts a year?
$60 vacuum
True/False. Identifying your wants and needs is the first step of the decision making process
True
True/False. There are 5 rights to the "Consumer Bill of Rights"
False
Used to promote the selling of a regular product with short-term price reduction
Promotional sales
When a business has no competitors and controls the market for a product or service
Monopoly
Why is fresh fruit and veggies cheapest at their peak of growing season?
Supply and demand
What is the last step in the complaint process?
Hire a lawyer or take legal actions
What is the first thing you should do if you have a complaint about a product?
Contact the place of purchase
Extensive product line with emphasis on service
Department Stores
Emphasis on lower prices but service may not be as great
Discount stores
What is a dispute?
When a customer questions the authenticity of a transaction
price of item / units per measure = unit price
Mediation
Used to clear products that stores no longer wish to carry (end of season items / odd sizes)
Clearance Sales
Gurantee
What type of store carries a special line of products for sale such as jewelry or sporting goods?
Specialty Stores
How many steps are in decision-making process in wise buying strategies?
5 steps
What is one of the three responsibilities you have as a consumer?
Be Honest, Reasonable, Involved
Phishing
A form of investment in which each paying participant recruits two or more investors
Pyramid Scheme
What is an example of something that would go to small claims court?
Find the unit price for a 12 oz bottle of water that cost $1.49.
$0.12 unit price
Give me two of the 7 consumer Bill of Rights
Informed, safety, choose, heard, remedy, consumer education, service