Consumer Studies

Question	Answer
What is a consumer?	A consumer is anyone who buys or purchases goods\products
What are goods?	Goods are products\items that can be sold or bought
What are services?	Services are supplying a commodity or doing work for somebody else, payment is usually involved
What are needs?	Needs are things we cannot live without Example: water, food, shelter and clothes
What are wants?	Wants are things we would like to have Example: jewellery, holidays and phones
What is a priority?	A priority is something that you fell is important to you
What is a monopoly?	A monopoly is when there is only one manufacturer of a certain thing, in other words there is no competition
What are the 5 consumer rights?	The 5 consumer rights are; honest and truthful information, The right to choose, The value for money, Safety, And the right to redress
What does redress mean?	The right to a replacement, a refund and a complaint

Resource summary

	Created by Ella Germaine over 7 years ago