Flashcards
Consumer Protection Vocabulary
Cards in this deck (11)
- 1Consumer ProtectionFed & State statutes governing sales & credit practices involving consumer goods
- 2Arbitrationthe use of an arbitrator to settle a dispute
- 3Warrantywritten guarantee, issued to the purchaser of an article by its manufacturer, promising to repair or replace it if necessary within a specified period of time
- 4Federal Trade Commissionfederal agency, established in 1914, that administers antitrust and consumer protection legislation in pursuit of free and fair competition in the marketplace
- 5Redressremedy or set right (an undesirable or unfair situation)
- 6Fraudwrongful or criminal deception intended to result in financial or personal gain
- 7Price Fixingthe maintaining of prices at a certain level by agreement between competing sellers
- 8Monopolythe exclusive possession or control of the supply of or trade in a commodity or service
- 9Sherman Actthe definitive antitrust statute, passed by Congress in 1890, that prohibits monopolies or unreasonable combinations of companies to restrict or in any way control interstate commerce
- 10Clayton Antitrust Actdefines unethical business practices, such as price fixing and monopolies, and upholds various rights of labor
- 11FTC Actoutlaws unfair methods of competition and outlaws unfair acts or practices that affect commerce
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- Financial Literacy Flashcards on Consumer Protection Vocabulary, created by Shannon Anderson-Rush on 27/12/2019.
- Created by
- Shannon Anderson-Rush
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