Consumers Affair Flashcards
Who is a consumer
A consumer is any person or institution who uses goods and services for their needs and wants
Needs?
Needs are things that people cannot live without
Wants?
Thés are things that consumers use to make their life comfortable
Goods
Goods are tangible items that consumers use to satisfy their basic needs and wants
Services?
Sevices are intangible transactions conducted by consumers on a daily basis
Types of consumers
Consumers of goods
Consumer of services
Consumer of credit personal loan
Ways by witch consumers are exploited
Black marketing
False claims on advertisement
Bait and switch
Rights of a consumer
Right to choose
Right to safety
right to be heard
Responsibilities of a consumer
Be wise
Conpkain about the vailation of their rights
Compare prices before making purchase
Protecting yourself with the use of modern technology
Consumers practices
Thrift- the wise and careful use of money and other resources in order to avoid waste
Budget- a plan of an individual expenditure and income over a future period of time
Recycle- the process of turning an old product into a new one or reusing a product beyond the purpose for which it was intended
Benefits of saving
Provide some level of independence
Provide a source of money which can be spent in the future
Gives a sense of control/achievement
Consumer demand
Is the amount of goods and sevices they are willing to purchase if they are are satisfied with using that good or service
Form of savings traditionally
Burial schemes
Piggy bank
Savings non traditional
Fixed deposit
Investment
