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Section C Csec Social Studies Notes

Consumer affairs protects consumers from fraud by regulating transactions between consumers and businesses. It defines key terms related to consumer spending and the economy including: consumer, budgeting, income, demand, supply, savings, goods, services, disposable income, investment, ownership, pricing, marketing, credit, and inflation. Consumer affairs establishes systems to safeguard consumers and ensures they are informed about products and services.

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135 views2 pages

Section C Csec Social Studies Notes

Consumer affairs protects consumers from fraud by regulating transactions between consumers and businesses. It defines key terms related to consumer spending and the economy including: consumer, budgeting, income, demand, supply, savings, goods, services, disposable income, investment, ownership, pricing, marketing, credit, and inflation. Consumer affairs establishes systems to safeguard consumers and ensures they are informed about products and services.

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taliyaforrester
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© © All Rights Reserved
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C2.

CONSUMER AFFAIRS

1. define and use correctly the major terms and concepts associated with consumer affairs;

Terms and Concepts

consumer, budgeting, saving, consumption, goods, services, demand, supply, income, disposable
income, investment, bonds, ownership, pricing, marketing, thrift, credit union, black market, hire
purchase, dumping, electronic transaction, ecommerce, securities, dividend, exchange rate, devaluation,
inflation

Consumer affairs is an established system or entity formulated for the protection and safeguard of
the consumer or purchaser of goods and/or services. It protects consumers from fraud.

Consumer - Any individual or institution that uses goods and services


Budget – A plan/ statement outlining a consumer’s income and expenditure for a specific period.
Budgeting – The process of balancing income with expenditure
Saving – the unused portion of the income of an individual, business or government
Consumption- the action of using up a resource.
Goods – Any product that can be used to satisfy some desire, needs or wants.
Services – Intangible products that are not goods such as Education, Medical Treatment, Transportation,
Banking etc...
Demand – The amount of goods which consumers are prepared to buy at a given price at any given time.
Supply – The quantity of goods and services which sellers put on the market at a given price
Disposable Income – the money remaining for an income earner to spend on goods and services after
taxes and other compulsory payments have been deducted.
Income – The payment one receives for ones services, labour, property or investments.
Investment – The act or process of using one’s money to buy bonds, shares, mutual funds, stocks, life
insurance, and land in an attempt to make a profit in the future.
Bonds – Long-term loans to a government or business
Ownership – Exclusive right to enjoy, occupy, possess, rent, sell, use, or even destroy an item or
property
Pricing – Fixing a money value to a thing to be bought or sold.
Marketing – The act of engaging in activities that educates consumers about goods and services in order
to persuade them to buy them.
Thrift – the wise and careful use of money and possessions in order to get the maximum benefits from
them.
Credit union – a financial institution owned and controlled by its members with the purpose of providing
credit/loans at competitive rates and offering other financial services to its members.
Black market – A system used by people to illegally buy and sell goods that are otherwise scarce, banned
or difficult to get hold of.
Hire purchase – A system or method of buying goods through making regular installments while enjoying
the use of the goods. However, ownership of the goods does not pass to the buyer until full payment of
the loan.
Dumping – the act of a manufacturer in one country pricing a product below its cost of production in
another country.
Electronic Commerce (E-commerce) – transactions in which consumers and businesses order and pay for
goods and services on the internet.
Securities – are usually negotiable financial instruments representing financial value, for example, bonds,
common stocks, shares and treasury bills.
Dividend – A share of profits issued to share- holders
Exchange rate – The value of the money of one country compared to the money of another country.
Inflation – The persistent rise in the prices and cost of goods and services
Devaluation – an official reduction or substantial drop in the exchange value of a currency by lowering its
value relative to the currencies of other countries.

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