Unit 3 vocab

Question	Answer
Bait and switch GA	The fraudulent practice of advertising and luring consumers to a store with promised products or services that then appear to be unavailable and replaced with higher priced items
Bandwagon GA	Trend that gains popularity and demand of products
Better Business Bureau (BBB) GA	gathers and reports information on business/service reliability and alerts and informs the public of its findings. Consumers can also file complaints with the BBB.
Brand loyalty GA	Consumers become committed to a certain brand and make repeat purchases over time. Loyal customers will consistently purchase products from their preferred brands, regardless of convenience or price.
Bundle Plan GA	A pricing plan that combines two or more utilities that offers savings for the consumer (i.e. cable + internet + phone with same company)
Commerce GA	agency to further the interest of the local business
Conserve GA	to save or reduce
Cost per Wear/Use GA	divide total cost of item or service by how often it is used or worn to determine the true cost effectiveness of this purchase
Electronic messaging GA	Advertising through the use of unsolicited texts, emails, and banners on web pages
Energy Guide Label GA	Yellow sticker, required by law, which allows a consumer to compare the yearly cost to operate an appliance
Energy Star Label GA	government backed green and blue logo that shows outstanding energy efficiency.
Extended warranty GA	A warranty that is purchased and extends beyond the basic warranty usually giving more time and more coverage.
Federal Trade Commission GA	is an independent agency of the United States government, with a mission to promote consumer protection and eliminate and prevent monopolies
Food & Drug Administration GA	responsible for protecting the health of the public in the following areas: food, drugs, medical devices, cosmetics, tobacco, animal products
Full warranty GA	Covers all parts of a product but may have time limitations. The warrant is not valid for normal wear and tear or consumer misuse
Home owner's insurance GA	Required coverage that provides protection for your residence and its associated financial risks, such as damage to personal property and injuries to others.
Implied warranty GA	A warranty that is not written but is implied that a product sold functions as it is intended
Limited warranty GA	A warranty that covers part of a product but not all. Example: might cover parts but not labor.
Loss Leader GA	A product or service sold at a substantial discount in order to generate additional sales
Phishing GA	sending an electronic message falsely claiming to be a legitimate business for the purpose of gaining personal or financial information
Pop-ups GA	a new web browser window that displays advertisements
Predatory practices/lending GA	When lenders conduct business in ways that are deceptive. They may use several fraudulent, deceptive, or discriminatory methods, to lure the consumer into practice that could lead to financial ruin.
Redress GA	money or other benefits that a consumer receives as fair compensation for a company’s mistake for remedy for wrong or loss
Renter's insurance GA	A type of insurance that covers the loss of a tenant's personal property as a result of damage or theft. A landlord's insurance does not cover a tenant's possessions
Rewards GA	Items or perks that are earned by your purchasing history
SPAM GA	Advertising messages received over e-mail or electronic messaging system that is unwanted
Testimonials GA	Stories told by happy consumers about a product or service that may influence others
Utilities GA	Cost of running a home either rented or owned. Examples include: electricity, water, gas, and trash

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	Created by gabeanderson007 over 8 years ago