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Chapter 6
The Household Consumer
| Term | Definition |
|---|---|
| Consumer | Anyone who buys goods or services for their own use. |
| Brand | Is the identity of a particular product. |
| False economy | Is a situation where we buy something that costs less then other brands or seems to be better value but turns out to be more expensive in the long run. |
| Caveat emptor | Means 'let the buyer beware'. |
| Guarantee | Is a promise from a manufacturer to offer a refund or a replacement to consumers who have purchased faulty goods. |
| Warranty | An additional promise by a manufacturer or seller to repair damaged goods within a started period of time. |
| Credit note | Is a document (voucher) given by the retailer to the consumer for the value of the goods returned. It allows the consumer to purchase other goods form that shop equal in value to the goods returned. |
| Bar code | Is a small rectangle containing black and white lines and figures found on the packaging of most products. The bar code contains information such as product name price,weight,origin,etc. |
| Receipt | Is a written proof to the consumer that they have purchased and paid for a good or service |
| Below cost selling | Is when certain shops sell popular products very cheaply,i.e. below their cost price, in order to attract people into their shop. |
| Food labels | Information usually printed on the packaging of most food products |
Created by:
jdunnestmarks
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