Economics

Question 1

GDP

Answer 1

Gross Domestic Product
Total value of all g&s in an economy
GDP is ↓ during a recession

Question 2

Demand \

Answer 2

↓S↓P↑D
Quantity of g&s that consumers are willing to buy at various prices
Law of Demand- consumers will demand more of a product a ↓er price than at a ↑er price

Question 3

Supply /

Answer 3

↑P↑S↓D

Quantity that business is able to make, offer more at ↑er price

Question 4

4 Basic Economic ?s

Answer 4

What? How? How much? For whom?

Question 5

Loss Leader

Answer 5

Something that attracts ppl to buy something, ok brings you into store

Question 6

Bait & Switch

Answer 6

You advertise something that’s on sale, illegal b/c you don’t physically have the product

Question 7

Net Weight

Answer 7

Weight of product w/o packaging

Question 8

Unit Price

Answer 8

Price/unit

Question 9

How ingredients are listed on a food label

Answer 9

Most→least

Question 10

“Sell By Date”

Answer 10

When they have to sell it by, has to be pulled from shelf, you can still eat it

Question 11

CPSC

Answer 11

Consumer Product Safety Commission

Test products b4 they go on the market to make sure they’re safe

Question 12

UL

Answer 12

Underwriters Laboratories

Tests products to prevent against fire, electric shock, & hazards

Question 13

Consumer Union

Answer 13

Test products & rate them

Magazine Consumer Reports lists everything based on safety & reliability

Question 14

BBB

Answer 14

Better Business Bureau

Tell you what are good businesses

Question 15

FTC

Answer 15

Federal Trade Commission

Regulate market, protect us as consumers, make sure ppl are saying & doing what they say, head, protect from deceptive

Question 16

3 Ways to Protect Against Identity Theft

Answer 16

Keep info private (pin #), keep track of credit, keep bills

Question 17

Included in a Complaint Letter

Answer 17

What/when/where purchase (name, serial #, model #)
State problem/compliment & any history of p/c
Give possible remedy for the prob. & ask for action w/in a reasonable amt. of time
Enclose copies of all docs
Include address & phone #
Signature

Question 18

Resolving Complaints

Answer 18

1. Return to Place of Purchase (Store Clerk)
2. Ask to speak w/ manager
3. Contact Company HQ
4. Consumer Agency Assistance
5. Legal Action
   Legal Aid Society- network of community law offices that provide free or low-cost legal assistance
   Legal Clinic is another option if the others don’t work out

Question 19

Warranty

Answer 19

Company’s promise that the product will meet specific standards over a given time period

Question 20

Full Warranty
Limited Warranty
Implied Warranty

Answer 20

very specific, written guarantee

written warranty w/ specified limitations that doesn’t meet the standards of a full warranty

unwritten guarantee that the product is of sufficient quality to do what it’s supposed to do