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36 Cards in this Set
- Front
- Back
acceptance
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when the offeree agrees to the proposal
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barter
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swapping or exchanging of one good for another
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budget
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a list of income and likely expenditures
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business
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any organisation that produces and sells, for a profit, the goods and services that satisfy the needs and wants of consumers
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caveat emptor
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let the buyer beware
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cheque
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a written communication ordering your financial institution to pay a person a specific amount of money
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comparison shopping
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contacting (by telephone, internet or in person) a number of sellers to obtain the best deal
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consideration
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the giving up of something of value |
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consumer
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someone who prucahses goods and servicesto satisfy needs and wants
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contract |
a legally binding agreement
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wholesaler
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buys goods in large quantities from the manufacturer
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drawee
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the financial institution that provides cheque account facilities
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drawer
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the person who writes and signs a cheque
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EFTPOS
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Electronic Funds Transfer at Point Of Sale |
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Electronic Transfer
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the transfer of funds from one account to another via electronic means such as the internet or telephone
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goods
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items that you can see or touch
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impule buying
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buying something without giving much though as to whether you really need it
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income
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money received on a regular basis frm work, property, business, investment or welfare payments
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interest
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the extra money you have to pay back when borrowing money
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labour force
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people aged 15 and over who are either employed or unemployed
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mail order
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a system of shopping in which the consumer orders and usually receives products through the mail
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manufacturer
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a person or business that makes goods
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merchantable quality
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an acceptable quality in keeping with a product's price
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money
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any token, with an agreed value, that people accept as payment in exchange for a good or service
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needs
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things that are neceesary for survival, such as food and water
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offer
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a proposal
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payee
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the person who is to receive the money from a cheque
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price
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the amount of money a consumer is prepared to offer in exhcnage for a good or service
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profit
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what remains after all business expenses are deducted from sales revenue
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redress
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to set right
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retailer
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a person or business that sells products directly to the consumer
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rip-off
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to overcharge or swindle
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scam
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an illegal business practice |
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services
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things done for you by others
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unconscionable act
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any practice by a seller that is just not reasonable and often illegal
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wants
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things that are not essential for survival but that we would like to have
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