task 1- year 9

Question 1

what is a consumer?

Answer 1

someone who purchases goods and services to satisfy their needs and wants.

Question 2

define ‘goods’

Answer 2

are produced and tangible; they can be physically held after purchasing (e.g. clothing)

Question 3

define ‘services’

Answer 3

are intangible; not physically held but rather something someone does in exchange for money (e.g. personal training)

Question 4

define ‘needs’

Answer 4

goods that everyone must purchase because they are essential for survival (e.g. food)

Question 5

define ‘wants’

Answer 5

what a person likes or wishes for but isn’t essential (e.g. makeup)

Question 6

define ‘opportunity cost’

Answer 6

the loss of potential gain from other alternatives when one alternative is chosen. (e.g. ‘if i purchase this iphone then i cant pay this months rent’)

Question 7

define ‘resources’

Answer 7

A stock or supplier of money, materials, and/or staff (labour) that can be used by a person or an organization to function effectively. to satisfy our needs to come up producers use resources to manufacture the products we Desire

Question 8

define ‘scarcity’

Answer 8

the state of being short, limited or restricted supply of something

Question 9

define ‘durable good’

Answer 9

a good that can be used multiple times (e.g. car, tv)

Question 10

define ‘non- durable good’

Answer 10

a good that can be only used once (e.g. sandwich, petrol)

Question 11

define ‘disposable income’

Answer 11

the amount of money an individual or a family has after paying their taxes and bills

Question 12

define ‘assets’

Answer 12

an item of property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies.

Question 13

define ‘unconscionable conduct’

Answer 13

a behaviour so harsh that it goes against good conscious

Question 14

define ‘finance’

Answer 14

the management of money

Question 15

define the resource ‘land’

Answer 15

are naturally occurring resources such as forests, coal and fertile soil.

Question 16

define the resource ‘labour’

Answer 16

are both physical and mental efforts of people who are working.

Question 17

define the resource ‘capital’

Answer 17

are goods to make other goods (e.g. tractor as it is used to produce crops)

Question 18

define the resource ‘enterprise’

Answer 18

the ability to combine other resources (labour land and capital) to earn profit

Question 19

what is a convenience store and give an example

Answer 19

a retail business that provides the public with a convenient location to quickly purchase a wide variety of consumable products and services, generally food and gasoline. (eg: 7 eleven)

Question 20

what is a specialty store and give an example

Answer 20

Specialty stores are retail businesses that focus on specific product categories (e.g. mecca, officeworks)

Question 21

what is a discount variety store and give an example

Answer 21

a retail store that sells products at prices lower than those asked by traditional retail outlets. (eg: tk maxx)

Question 22

what is a factory outlet and give an example

Answer 22

a shop where a factory sells damaged or out-of-date goods directly to customers at reduced prices. (eg: bonds outlet)

Question 23

what is a department store and give an example

Answer 23

a large shop stocking many varieties of goods in different departments. (e.g.: david jones)

Question 24

what is a supermarket and give an example

Answer 24

a large retail market that sells food and other household goods and that is usually operated on a self-service basis. (eg: coles)

Question 25

what is the ACC and describe its purpose

Answer 25

the Competition and Consumer Act 2010, the ACCC enforces Australian competition, fair trading, and consumer protection laws. The Competition and Consumer Act 2010 provides consumer guarantees on certain goods and services. These guarantees are a consumer’s automatic legal right. Consumers are guaranteed that the goods they buy are fit for purpose

Question 26

what impact does ones gender have on goods

Answer 26

a person's gender influences some types of purchase. For example, females may spend more on cosmetics than males. The influence of gender on consumer decisions is best displayed by the products advertised in catalogues for Mother’s and Father’s Day: mum gets the iron and dad gets the cordless drill.

Question 27

what impact does ones age have on goods

Answer 27

a consumers age has a big imapact on what someone purchases. for example, when you were a toddler you probably wanted a new barbie, as you got into primary you wanted a new smiggle pencil case. now you probably want a new phone, as you get older a car might seem more important to you. our wants change overtime.

Question 28

what impact does social media have on goods

Answer 28

without us realising, social media has one of the biggest impact on our wants today. everyday we are exposed to a countless amount of products and trends online. Social influencers are people with a large audience who post regularly on social media promoting products. The content they posts often influence their followers’ purchasing decisions.

Question 29

explain/ break down the distribution chain

Answer 29

the distribution chain is the process which products pass from the place of manufacture to the point where they are sold. At each stage the seller needs to make a profit. This is done by selling the products at a higher price than at which they were bought. This means that the final price consumers pay depends on the price the seller paid and the profit he or she makes, or at which stage in the chain consumers buy the goods. Sometimes, for example, the consumer can buy products at a cheaper price directly from the manufacturer or wholesaler.

Question 30

what are some advantages of paying with a credit card

Answer 30

- convenient - always have access to it - avoid the effort of carrying around large amounts of cash - help you establish a good credit history - offer cheap use of funds, provided you always pay the amount in whole - can pay online

Question 31

what are some disadvantages of paying with a credit card

Answer 31

- make it easy to overspend - be more expensive than other forms of credit such as a personal loan - damage your credit rating if you continually make late payments.

Question 32

what is the difference between a credit and debit card

Answer 32

a credit card is money that the bank has provided for you expecting you to pay it back, whereas a debit card is using your own money.

Question 33

what is lay- by?

Answer 33

claiming a good at a retail business by first making a deposit. You then make regular payments over a fixed period of time. Unlike cash or credit card purchases, you do not take possession of, or own the good, until you pay off the last instalment owing.

Question 34

explain the features of a contract briefly.

Answer 34

offer- offer is a proposal when one of the parties offer something of value to the other party. acceptance- when the offeree accepts the offer along with the terms and conditions that come with it. this is indicated with an act of acceptance such as a shake of the hand or a signature. consideration- this stage requires both parties to give up something of value to fulfill the contract.

Question 35

breifly outline all the steps of consumer redress.

Answer 35

1. ensure you have a valid reason for requesting a refund, replacement, or repair. 2. contact the seller; Clearly identify your issues with the good/service and explain what you would like the shop to do. if it doesn't work or they deny your request, move on to the next step. 3. contact australian securities and investments commission/ nsw department of fair trading and describe your situation 4. Consumer Trader and Tenancy Tribunal, who will review relevant documents, interview both parties and make a decision

Question 36

what are the 4 basic rights for consumers?

Answer 36

1. safe products 2. accurate product information and description 3. consumer guarantees and warranties are honoured 4. full disclosure of the terms and sale

Question 37

advantages for cash

Answer 37

- protects personal data and information - lower processing fees - helps budgeting - financial inclusivity - no sucharge

Question 38

disadvantages for cash

Answer 38

- inconvenient - some stores now don't accept cash - difficult to track your funds - can be irritating to carry notes and loose change

Question 39

advantages for cheque

Answer 39

- only the written recipient can claim the money - convenient to carry - In the event of suspicious activity, a cheque payment can be stopped or blocked.

Question 40

disadvantages for cheque

Answer 40

- some stores don't accept cheque payments - risk of fraud or theft - there can be additional fees - Cheques are not suitable for small amounts - can be forged or changed