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Economics > Chapter 2 - The Filipino Consumer > Flashcards

Chapter 2 - The Filipino Consumer Flashcards

0
Q

It is a mere expression of needs

A

Wants

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1
Q

He is an American psychologist and philosopher

A

Abraham Maslow

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2
Q

Two types of wants

A

Economic

Noneconomic

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3
Q

Products acquired without cost

A

Free goods

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4
Q

Goods that people can acquire if they buy them

A

Economic goods

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5
Q

Economic good that acquires for further processing or investment

A

Intermediate goods

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6
Q

Economic good that was bought for personal use or the buyer is the end user

A

Final good

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7
Q

He classified economic wants into basic and created, and into public and private

A

Dr. Bernardo M. Villegas

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8
Q

These are the people’s necessities in life. Most people cannot live without them

A

Basic Wants

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9
Q

Two kinds of basic wants

A

Universal

Relative

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10
Q

These are the things that particular individuals consider ad extremely important to them based on their condition in life.

A

Relative basic wants

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11
Q

These are media creations

A

Created wants

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12
Q

These are what the entire population wants. They are for the common good

A

Public wants

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13
Q

Wants of the people that are not provided by the government

A

Private wants

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14
Q

Purchase and use of goods and services

A

Consumption

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15
Q

What are the factors affecting economic wants?

A 
Income
Population
Advertisements
Physical location 
Urbanization
Individual needs, tastes and preferences
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16
Q

German economist

A

Ernst Engel

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17
Q

This phenomenon describes the tendency of the people to imitate what others do

A

Demonstration effect

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18
Q

Movement of the people from the countryside to the city

A

Urbanization

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19
Q

What are the basic rights of filipino consumers

A 
The right to basic needs
The right to safety
The right to information
The right to choose
The right to representation
The right to redress
The right to consumer education
The right to healthy environment
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20
Q

What are the responsibilities of the filipino consumer?

A 
Critical awareness
Action
Social concern
Environmental awareness
Solidarity
21
Q

He or she should know the use, price, quality and possible negative effects of the products they buy

A

Critical awareness

22
Q

He/she should assert himself/herself to ensure that he/she gets a fair deal

A

Action

23
Q

He/she should be aware of the impact of his/her consumption on other people

A

Social concern

24
Q

He/she should understand the environmental consequences of his/her actions

A

Environmental awareness

25
Q

He/she should join consumer organizations

A

Solidarity

26
Q

What are the laws protecting filipino consumers?

A

Consumer Act of the Philippines

Electronic Commerce Act of 2000

Price Act

Price Tag Law

Universally accessible Cheaper and Quality Medicines Act of 2008

Expanded Senior Citizens Act of 2010

The Intellectual Property Code of the Philippines

Clean Air Act of 1999

Comprehensive Tobacco Regulation Act of 2003

27
Q

It protects the interest of the Filipino consumers against trade malpractices and from substandard and hazardous products

A

Consumer Act of the Philippines

28
Q

It provides the legal recognition and admissibility of electronic data, messaging, documents, and signatures

A

Electronic Commerce Act of 2000

29
Q

It protects consumers against hoarding, profiteering, and cartels.

A

Price Act

30
Q

It requires that all products sold in retail to the public shall bear an appropriate tag, label, or marking that indicates the price of the article

A

Price Tag Law

31
Q

It is the policy of the state to protect public health

A

Universally Accessible Cheaper and Quality Medicines Act of 2008

32
Q

Senior Citizens are entitled to grant of twenty percent discount and exemption from the value-added tax

A

Expanded Senior Citizens Act of 2010

33
Q

It protects the products from piracy and the consumers from being shortchanged in their deals with businessmen who sells fake articles

A

The Intellectual Property Code of the Philippines

34
Q

It aims to limit the presence and proliferation of smoke and chemicals that pollute the armosphere

A

Clean Air Act of 1999

35
Q

It regulates the selling, packaging, advertisement, and distribution of tobacco products in the country

A

Comprehensive Tobacco Regulation Act of 2003

37
Q

It license, monitor, and regulate the flow of food, drugs, cosmetic, medical devices, and household hazardous waste in the country

A

Food and Drug Administration (FDA)

38
Q

It ensures the food security of the country and the stability of supply and price of the staple grain-rice

A

National Food Authority (NFA)

39
Q

It promotes and protects long-term consumer interests in terms of quality, reliability, and reasonable pricing of a sustainable supply of electricity

A

Energy Regulatory Commission (ERC)

40
Q

It ensures that the commuting public has adequate, safe, convenient, environment-friendly, and dependable public land transportation services at reasonable rates

A

Land Transportation Franchising and Regulatory Board (LTFRB)

41
Q

It enforces laws against unfair trade practices like products misrepresentation and mislabeling

A

Bureau of Trade Regulation and Consumer Protection (BTRCP)

42
Q

It screens and approves movie films and television programs shown to the public

A

Movie Television Review and Classification Board (MTRCB)

43
Q

It screens and approves the distribution and selling of home entertainment audio-video materials, such as video tapes and compact discs

A

Optical Media Board (OMB)

45
Q

This organization was formed in 1992 as an offshoot of the Pepsi “Number Fever” scandal

A

Coalition for Consumer Protection and Welfare

46
Q

This organization was established in 1961. Its main thrust is consumer education, the best strategy to promote and protect the rights and general welfare of Filipino consumers

A

Consumers Federated Groups of the Philippines, Inc. (CFGP)

47
Q

It is one of the largest consumer organizations in the country. It provides legal assistance to consumers who assert their rights and seek redress for their grievances

A

Consumers Union of the Philippines (CUP)

48
Q

This is the oldest consumer organization in Mindanao. It helps in policy-making and legislation, and to assist consumers in seeking redress for their complaints within Davao

A

Konsumo Dabao

49
Q

This organization was established in 1994 to fight illegal pyramid schemes

A

Nationwide Association of Consumers, Inc. (NACI)

57
Q

What are the Pro-Consumer Government Agencies

A

Food and Drug Administration (FDA)
National Food Authority (NFA)
Energy Regulatory Commission (ERC)
Land Transportation Franchising and Regulatory Board (LTFRB)
Bureau of Trade Regulation and Consumer Protection (BTRCP)
Movie Television Review and Classification Board (MTRCB)
Optical Media Board (OMB)

65
Q

What are the Private Consumers Organizations?

A

Coalition for Consumer Protection and Welfare

Consumers Federation Groups of the Philippines Inc. (CFGP)

Consumers Union of the Philippines (CUP)

Konsumo Dabao

Nationwide Association of Consumers, Inc. (NACI)

66
Q

4 characteristics of basic needs?

A

Physiological needs
Safety and security
Love and belongingness
Self-esteem and esteem for others

Economics (5 decks)

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