Consumer Skills Vocabulary

MONOPOLY

• A market situation in which only one organization produces the entire output of an industry or sells a product or service for which there is no substitute.

• A competitive market where multiple firms produce similar products.

• A market structure characterized by a few large firms dominating the market.

• A situation where consumers have many choices for similar products.

WARRANTY

• A statement made by a manufacturer or seller regarding the price of a product.

• A guarantee that a product will be delivered on time.

• A statement made by a manufacturer or seller concerning the responsibility for quality, characteristics, and performance of the product or service.

• A promise that a product will be the latest model available.

LIMITED WARRANTY

• May require the consumer to pay labor fees or handling charges and may require the consumer to ship the product to the seller or an authorized service dealer for repairs.

• Covers all types of damages without any cost to the consumer.

• Provides a full refund for any product returned within 30 days.

• Is valid for a lifetime without any conditions.

FEDERAL TRADE COMMISSION (FTC)

• A federal agency that protects consumers against false advertising and unfair trade practices.

• A private organization that promotes fair competition among businesses.

• A government body that regulates international trade agreements.

• A non-profit organization that provides financial advice to consumers.

ADVERTISEMENT

• a message to persuade consumers to buy something

• a type of product review

• a form of social media post

• a legal document for advertising

FOOD AND DRUG ADMINISTRATION (FDA)

• A federal agency that sets and enforces safety standards for food, drugs, and cosmetics.

• A private organization that regulates the sale of food and drugs.

• An international body that oversees global health standards.

• A state agency responsible for local food safety regulations.

BETTER BUSINESS BUREAU (BBB)

• A non-profit organization that helps with consumer complaints and provides education materials.

• A government agency that regulates business practices.

• A for-profit organization that offers financial services to consumers.

• A private company that sells consumer data to businesses.

CONSUMER

• Anyone who uses goods or services or buys goods or services.

• A person who only sells goods or services.

• An individual who only produces goods.

• A customer who only shops online.

CONSUMER PRODUCT SAFETY COMMISSION (CPSC)

• A federal agency that sets and enforces safety standards for products

• A private organization that promotes consumer rights

• A state agency that regulates food safety

• An international body that oversees product exports

FULL WARRANTY

• Repair or replacement must be free, in a reasonable amount of time, without placing unreasonable demands on the consumer.

• Repair or replacement can be charged at a nominal fee.

• Repair or replacement is optional and may take an extended period.

• Repair or replacement is only available for a limited time after purchase.