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16 Cards in this Set

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What Three steps do you need to follow to make sound economic decisions?
1. Set goals 2. gather information 3. think about trade- offs or opportunity costs
When you set goals, what is the first thing you should do?
Make a list of priorities, what are your immediate needs , wants, and values
When setting goals it is also helpful to make a what? Why is it helpful?
Budget
think about your spending and to figure out what you real can afford
What is a balanced budget?
the money going out is equal to the money going in
What is your first step in gathering information about goods and services?
comparison shopping
What are some ways to gather this information?
product lables, consumer magazines and advertisements, family and friends
Why would we want to know what type a warranty a product has?
to see if parts and services are covered this could make a big difference in some products
Why is a products name important?
Youi may think a product is good because of its name but a generic brand you find as just as good
What are the diiferent types of places we can show and how are they different?
small boutiques-high prices, large department stores,price can be less, factory out-lets where they have discounted item, internet maybe cheaper, but the shipping and handling can get costly
What kind of additional cost could there be to a product?
taxes, registration fees, insurances, oil changes tune-ups,
what is your trade-off or opportunity cost for purchasing something, how do you fuiigure this out?
make a list of what yuou are looking for and compare different measures
What were 2 of the consumer rights the were outlines in J F Kenndy'as Speech in 1962?
1. the right to choose among various products or services
the right to be fully informed about type of good service
the right to be fully informed about the type of good service
the right ot be heard consumers have the say about the laws affecting them
What are two names of the private agencies that help protect consumers?
Better Business Bureau
Chamber of Commerce
What do these services do for the consumer?
Put pressure on dealership to honor warranties,they can warn consumers about the dealership,they can just offer advice
Name three other things that agencies can do for a consumer
give information, investigate consumer fraud,
prosecute offenders
what is fraud?
a deception deliberately practiced in order to secure unfair or unlawful gain