business chapter 4

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What steps you should take before you shop and with your alternative?

Identity your needs, gather information, be aware of the market, compare prices, comparison shop

What three economic factors that influence what people but?

Prices, interest, and product quality

____: a process whereby a conflict between a customer and a business is resolved by an impartial third party whose decision is legally binding

arbitration

_____: a written guarantee from the manufacturer or distributor that states the conditions under which the product can be returned, replaced, or repaired

warranty

____: a network of community law offices that provide free or low-cost legal assistance

legal aid society

How to resolve consumer complaints?

Return item to its place of purchase, contact company headquarters, get consumer agency assistance

___: a legal action on behalf of all the people who have suffered the same injustice

class-action suit

____: a nonprofit organization owned and operated by its members for the purpose of saving money on the purchase of goods and services

cooperative

____: a portion of the total cost of an item that must be paid at the time of purchase

down payment

___: the attempt by a neutral third party to resolve a conflict between a customer and a business through discussion and negotiation

mediation

____: a labeling method that indicates the freshness, or shelf life, of a perishable product, such as milk or bread

open dating

____: a partial refund of the price of a product

rebates

_____: a separately purchased agreement by the manufacturer or distributor to cover the costs of repairing the item

service contract

___: a court that deals with legal disputes that involve amounts below a certain limit

small claims court

_____: the use of a standard unit of measurement to compare the prices of packages that are different sizes

unit pricing

What are advantages of a small claims court?

Cheap cost, short period of time, often rules in your favor, no lawyers or juries

What are some typical consumer complaints?

Defective Of poor quality Unexpected costs Deceptive pricing Unsatisfying repair service

Disadvantages of a small claims court?

The judge decision is final, have to present your own case, the reward is pre determined

5 strategies followed by smart shoppers?

Time purchases, store section, compare brands, look at label information, and compare prices between object

____: dishonest business practices that are meant to deceive, trick, or gain an unfair advantage.

fraud

____: purchasing items on the spur of the moment

impulse buying


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