Financial Literacy Unit 1 Part 2 Vocabulary

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Consumer Protection

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Federal and state statues governing sales and credit practices involving consumer

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Fraud

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A deception deliberately practiced in order to secure unfair or unlawful gain

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Arbitration

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Arbitration is a procedure in which a dispute is submitted, by agreement of the parties, to one or more arbitrators who make a binding decision on the dispute. In choosing arbitration, the parties opt for a private dispute resolution procedure instead of going to court.

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Deceptive Trade Practice

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A deceptive trade practice is activity by an individual or business that is meant to mislead or lure the public into purchasing a product or service. 

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The Federal Trade Commission

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Is the nations consumer protection agency. The FTC Works to prevent fraudulent, deceptive and unfair business practices in the marketplace

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Price Fixing

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An agreement (verbal, written or inferred from conduct) among competitors that raises, lowers, or stabilizes prices or competitivie terms

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Monopoly

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Exists when a specific person or enterprises is the only supplier of a particular product or service

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Sherman Act

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Made it illegal for companies to limit competition by price fixing

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Clayton Act

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Prevented mergers or acquisitions that were likely to control prices, stifle competition, and create a monoploy

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FTC Act

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Create and gave power to investigate and stop unfair methods of competition and deceptive practices