Consumer Studies

Description

Flashcards on Consumer Studies, created by Ella Germaine on 25/05/2017.
Ella  Germaine
Flashcards by Ella Germaine, updated more than 1 year ago
Ella  Germaine
Created by Ella Germaine over 7 years ago
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Resource summary

Question Answer
What is a consumer? A consumer is anyone who buys or purchases goods\products
What are goods? Goods are products\items that can be sold or bought
What are services? Services are supplying a commodity or doing work for somebody else, payment is usually involved
What are needs? Needs are things we cannot live without Example: water, food, shelter and clothes
What are wants? Wants are things we would like to have Example: jewellery, holidays and phones
What is a priority? A priority is something that you fell is important to you
What is a monopoly? A monopoly is when there is only one manufacturer of a certain thing, in other words there is no competition
What are the 5 consumer rights? The 5 consumer rights are; honest and truthful information, The right to choose, The value for money, Safety, And the right to redress
What does redress mean? The right to a replacement, a refund and a complaint
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