Informed consumer

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junior certificate business Flashcards on Informed consumer, created by shaunagregory201 on 16/04/2014.
shaunagregory201
Flashcards by shaunagregory201, updated more than 1 year ago
shaunagregory201
Created by shaunagregory201 over 10 years ago
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Question Answer
goods - things - e.g. food, cars, houses, colthing
services - where you pay someone to do something for you - e.g. hairdresser, car mechanic, entertainment
caveat emptor is a warning to you, as a consumer, to spend your money wisely. it is your money and your loss if you do something foolish with it.
informed consumers know: - their legal rights -how to make a complaint -what organisations are there to help and protect them
informed consumers buy with these questions in mind: - can I afford this? - is this the best price I can get? - do I need it? - does it do what I want it to do?
unit price is the lowest price, as long as the quality is the same. to compare different sized packages, calculate the unit price. unit price= price / number of units
impulse purchase when you buy something without having considered the purchase first. that means you have not compared the prices.
deposit this is a small sum paid to the seller to hold the goods for you until you can afford to pay the full amount of cost.
bar code is made up of series of vertical lines and a 13- digit number. the bar code is made up of a country number, a company number , a product number and a check number.
loss leader is when a shop sells a product at a very low price to attract customers who will, hopefully, buy other goods once they are in the store.
price war is when shops are selling similar products and try to undercut each other to increase their market share.
- Guaranteed Irish - symbol of quality Irish goods
- Quality mark -symbol of quality Irish goods
- Woolmark - Product is made with pure new wool
- CE mark - Product meets European safety standard
- Kitemark - Product meets the British safety standards
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