Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/39

Click to flip

39 Cards in this Set

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