consumer
any person or group that buys or uses goods and services
disposable income
income remaining for a person to spend or save after taxes have been paid
discretionary income
money a person has left to spend on extras after necessities have been paid for
rational choice
the alternative that has the best perceived value to a consumer
competitive advertising
advertising that attempts to persuade consumers that a product is superior to another
informative advertising
advertising that provides information about a product to consumers
bait and switch advertising
an illegal form of advertising that attracts consumers with a low-priced product, then the store tries to sell them a higher priced product
comparison shopping
getting information about products from more than one store
warranty
a promise made by a manufacturer to repair or replace a product if it is faulty
brand name
a word, picture, or logo that helps consumers identify a product
generic brand
general name for a product rather than a specific brand name
consumerism
the movement to educate consumers and demand better products from manufacturers
right to safety
consumers have a right to expect that the product they buy is not dangerous
right to be informed
consumers have a right to know important product information
right to choose
consumers have a right to markets in which sellers compete; no monopolies
right to be heard
consumers have a right to voice their complaints to the seller and to the courts
right to redress
consumers have a right to be compensated for their losses
consumer responsibilities
report faulty products, behave ethically