Consumer and Financial Decisions Flashcards
(15 cards)
What is the scope of commerce?
The scope of commerce includes concepts such as consumer, needs and wants, goods and services, resources, and scarcity.
What factors influence consumer and financial decisions?
Factors influencing decisions include:
* Advertising/marketing
* Age
* Convenience
* Culture
* Customer service
* Disposable income
* Environmental considerations
* Social media
What are common decisions individuals make regarding spending and saving?
Decisions include:
* Whether to spend or save
* What to buy
* Where to buy
What are some payment options individuals consider?
Payment options include:
* Cash transactions
* Cashless transactions
* Credit purchases
What are the advantages of using credit to make purchases?
Advantages include access to funds for immediate purchases and facilities offered by lenders and financial institutions.
What should individuals reflect on regarding their purchasing decisions?
Individuals should reflect on:
* Affordability
* Past decision-making processes
* Potential changes in future decisions
Why is consumer protection necessary?
Consumer protection is necessary to ensure legal rights and responsibilities are upheld and to prevent exploitation.
What is a simple contract?
A simple contract is a written agreement for a financial transaction outlining terms and conditions.
What legislation protects consumers in Australia?
The Competition and Consumer Act 2010 protects consumers.
What assistance do consumer protection agencies provide?
Agencies provide assistance through:
* Legal rights education
* Consumer redress processes
* Support in disputes
What are the consequences of poor financial management?
Consequences include:
* Excessive debt
* Negative impact on individual and family wellbeing
What are some tools for effective financial management?
Tools include:
* Monitoring and record-keeping
* Budgets
* Savings and superannuation plans
What can individuals do when facing financial difficulty?
Options include:
* Negotiating an alternative payment plan
* Seeking support from a financial institution
What is a current issue affecting consumer decisions?
Current issues include:
* Impact of technology on payment processes
* Housing affordability
* Various types of scams
* Management of personal superannuation
Fill in the blank: The _______ Act 2010 is a key legislation for consumer protection in Australia.
Competition and Consumer
