Personal Finance Unit 1 Terms
Short Term Goal
A goal that you can reach in a short period of time; less than 1 year
Class Action Suit
A legal action on behalf of all the people who have suffered the same injustice
Legal Aid Society
A network of community law offices that provide free or low-cost legal assistance
Rebate
A partial refund of the price of a product
Consumer
A person who purchases and uses goods or services
Arbitration
A process whereby a conflict between a customer and a business is resolved by an impartial third party whose decision is legally binding
Service Contract
A separately purchased agreement by the manufacturer or distributor to cover the costs of repairing an item
Limited Warranty
Covers only certain aspects of the product
Full Warranty
Defective product will be fixed or replaced at no charge during a reasonable amount of time
Consumer Advocate
Group of people work toward improvement for consumers
Negotiate/Negotiation
Process by which compromise or agreement is reached while avoiding argument and dispute
Mediation
The attempt by a neutral third party to resolve a conflict between a customer and a business through discussion and negotiation
(Implied) Warranty
The product will do what it is intended to do
Unit Pricing
The use of a standard unit of measurement to compare the prices of packages that are different sizes
Scarcity
Unlimited wants, but limited resources
Long-Term Goal
a goal that you plan to reach over an extended period of time; over 1 year