consumer chapter 20 28 29 vocab
consumer report
a publication of Consumers Union
target market
a specific consumer group
market economy
a system wherein consumers and producers play vital roles
generic
a term for a product that has the same qualities as a brand-name product
custom
a tradition that acts as an unwritten law
industry company
a type of promotion to sell a general product group without regard to where it is purchased
product advertising
advertising that attempts to convince you to buy a specific good or service
company advertising
advertising to promote the image of a store or company
economy
all activities related to production and distribution of goods and services in a geographic area
loss leader
an item marked down to a low price to draw in customers
basic needs
ingredients necessary for physical survival
pigeon drop
method used to convince people to invest in phony investments of other swindles
pyramid schemes
multilevel selling schemes
Consumer Advocate
one who promotes and protects the causes
BBB
place to file complaints against local businesses
unit pricing
reducing cost to per-unit price
competition
rivalry among sellers in the same market to win customers
comparison shopping
shopping at several places
FDA
the agency that enforces food and drug labeling
FTC
the agency that protects consumers from unfair methods of competition
FCC
the agency that regulates radio and TV broadcasting
SEC
the office that protects investors
odd-number pricing
the practice of using uneven number to designate prices so that customers think they are getting a bargain
personal factors
things in your life that affect your spending decisions
redress
to get action to resolve a problem due to a defective or damage product or service
purchasing power
to have money with which to buy goods and service
recall
to stop productions and refund the purchase price of items already sold
price fixing
when producers conspire to set identical prices