5.01 Key Terms
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Created by:
GregParker on March 15, 2012
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14 terms
Terms | Definitions |
|---|---|
 Good | A physical object that is purchased |
| Service | An action that is performed for someone's benefit Examples: car repair, hair cut, internet connection, cell phone connection |
| Retailer | One who sells goods and services directly yo consumers |
| Marketplace | All retailers' goods and services available to the general public |
| Merchandise | A product or physical item purchased Examples: clothes, video games, music discs, computer, cell phone |
| Consumable Product | A product that typically provides a single use or period of use and is destroyed or disappears as the consumer enjoys the product Examples: food, cell phone monthly service minutes, electricity, gasoline |
| Durable Product | A product that lasts for a long period of time and continues to be available to the consumer for more that a single use Examples: cars, washing machines, computers, cell phone |
| Warranty | A guarantee that a product is in good working order and will give good service for a reasonable amount of time. A full warranty has no specifi limitations while a limited warranty does and must state what the limitations are. For example, a used car warranty might state that the dealer would be responsible for repairs on certain types of parts and equipment for a specified timeframe. Consumers would be responsible for paying other repairs not covered under the warranty |
| Government Agency | An organization that operates as part of the state or federal government |
| Merchant Services | Any helps provided to consumers by companies/stores/businesses |
| Consumer Affairs Department | A department of a business that communicates with customers about their rights and needs as consumers |
| Consumer Advocate | A person or organization that works on behalf of consumers' interests and rights |
| Better Business Bureau (BBB) | A nonprofit organization sponsored by private businesses that attempts to settle consumer complaints against local businesses |
| Consumer Action Panel | A group formed by atrade association to address consumer complaints |
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