Consumerism

Question 1

Sources of consumer information

Answer 1

Product labels and packaging, company websites, online reviews, consumer reports, government agencies, news and media

Question 2

Consumer rights

Answer 2

Right to safety, right to be informed, right to choose, right to be heard, right to redress, right to consumer education, right to healthy environment

Question 3

Consumer responsibilites

Answer 3

Use products the intended way, be informed, choose products carefully, report unsafe products

Question 4

Better Business Bureau (BBB)

Answer 4

Private non profit, encourages ethical business between buyers and sellers

Question 5

Federal Trade Commission (FTC)

Answer 5

Enforces consumer protection laws

Question 6

Consumers as inflation rises

Answer 6

Consumers are going to have less money for luxury items

Question 7

Intrest rates

Answer 7

Higher interest rates lead to less money being borrowed, lower interest rates lead to more being borrowed, if inflation is high government raises interest rates to discourage spending

Question 8

Uses of advertisement

Answer 8

Promote a specific product, build brand image, spread brand awareness, remind consumers of the business

Question 9

Comparative shopping

Answer 9

Comparing two or more products/services to find the best value to you

Question 10

Promotional sales

Answer 10

Sales on items or services that are new, meant to spread awareness and desire

Question 11

Clearance sales

Answer 11

Sale on items that a brand is trying to get rid of, often associated with a product being discontinued or a shop closing