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39 Cards in this Set
- Front
- Back
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what does the term 'consumer affairs' mean?
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services provided to satisfy customers needs and wants
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who is a consumer?
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any person, group or institution that uses goods and/or services
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what is a good?
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an item bought to satisfy our own needs and wants. Goods are tangible
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name two types of goods
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producer good/secondary
consumer good/primary |
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what are producer goods
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commodities which are needed to assist in the production of other goods
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what are needs?
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things we cannot do wtihout. Needs are necessities to stay alive
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What are wants
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things that u desire and can live without
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an act rendered by one person or a group to another is called...
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a service..it is intangible
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name the three types of consumers
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consumer of credit
consumer of goods consumer of services |
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give three similarities between goods and services
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they possess utility, they are sold for price and they are scarce in relation to wants
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what is a credit card?
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a card issued by a financial institution that allows the consumer to purchase goods and services without cash at the same time
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give three qualifications needed in order to own a credit card
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credit history, job and income
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give 2 advantages of credit cards
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consumers do not have to travel around with large quatities of cash when purchasing expensive items and consumers can take advantage of bragains when they occur
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describe the chain in the distribution of good and services
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producer-wholesaler-retailer-consumer
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what is interest
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sum paid for the use of borrowed money
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what is a deposit
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sum of money that is paid as a first instalment on an item bought on hire purchase
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regular and equal payments spread over an agreed period of time are called..
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instalments
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who is a consumer of credit
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a consumer who takes advantage of a system which allows them to purchase and sell without immediate payment.eg. higher purchase. loans and credit cards
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who is a wholesaler
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the person who buys goods from the producer and sells either to a retailer or consumer
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who is a retailer
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the retailer buys goods from the wholesaler and sells them in small quantities to the consumer
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give 3 examples of producers
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farmers, jamaica public service and manufacturers
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give 1 example of wholesalers
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wholesaler merchants
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retailer
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shops, stores and supermarkets
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consumer
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housewife, schools, hotel
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give two disadvantages of credit cards
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interest is charged on the outstanding balance and if the consumer is an impulsive buyer then he/she can incur large debts which are difficult to repay
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name 5 factors which influence the choice of a job
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parents, tradition, availablity of jobs, school and friends
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who is an entrepreneur
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people that recognized that their is a market for a certain commodity or service and have set out to supply it
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give the two kinds of small-scale enterprises
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micro-enterprise and small enterprise
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give 4 characteristics of small businesses
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is operated and managed by the owner,has a fixed workplace and has relatively few employees-50 at most
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give two disadvantages of credit cards
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interest is charged on the outstanding balance and if the consumer is an impulsive buyer then he/she can incur large debts which are difficult to repay
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name 5 factors which influence the choice of a job
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parents, tradition, availablity of jobs, school and friends
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who is an entrepreneur
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people that recognized that their is a market for a certain commodity or service and have set out to supply it
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give the two kinds of small-scale enterprises
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micro-enterprise and small enterprise
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give 4 characteristics of small businesses
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is operated and managed by the owner,has a fixed workplace and has relatively few employees-50 at most
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give two disadvantages of credit cards
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interest is charged on the outstanding balance and if the consumer is an impulsive buyer then he/she can incur large debts which are difficult to repay
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name 5 factors which influence the choice of a job
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parents, tradition, availablity of jobs, school and friends
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who is an entrepreneur
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people that recognized that their is a market for a certain commodity or service and have set out to supply it
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give the two kinds of small-scale enterprises
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micro-enterprise and small enterprise
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give 4 characteristics of small businesses
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is operated and managed by the owner,has a fixed workplace and has relatively few employees-50 at most
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