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Business
Business Terms and Solutions
| Term | Definition |
|---|---|
| Consumer | A person who buys goods or services for personal use |
| Comparison shopping | Difference of costs of a specific product (different stores) |
| Department Store | Store that has high prices due to brand names |
| Off-Price/Outlet Store | Offers big discounts because the items they sell may have flaws, may be out of season, or may be discontinued merchandise. |
| Limited-Line Retailer | Limited-line retailers, or specialty stores, have a variety of items and high levels of service and expertise. |
| Superstores | Sell groceries and a wide variety of items such as books, hardware, and clothing. |
| Convenience Stores | Offers limited lines of products, mostly grocery items. Sometimes attached to gas stations. |
| Warehouse Stores | Carries a huge selection of goods at low prices and in bulk quantities. |
| Online retailer | Consumers can shop at home through TV channels, catalogs, or the Internet. Many retail stores mail catalogs to consumers. |
| Consumer right | Claims to power that can be used to protect one’s self when purchasing goods or services. |
| Consumer responsibility | A duty consumers accept to ensure their own safety and protection. |
| Federal Trade Commission (FTC) | Independent U.S. agency established in 1914 to promote consumer protection and eliminate harmful anti-competitive business practices. |
| Bureau of Consumer Protection (BCP) | Division of the FTC designed to protect consumers against unfair and deceptive practices in commerce. |
| Food and Drug Administration (FDA) | Ensures foods are safe, wholesome and sanitary; human and veterinary drugs and medical devices are safe and effective; cosmetics are safe; and electronic products that emit radiation are safe. |
| Consumer Product Safety Commission (CPSC) | Sets standards for product safety by identifying and reducing product safety hazards, and providing consumers with product information and guidance. |
| National Highway and Traffic Safety Commission (NHTSC) | Enforces vehicle safety standards and promotes safe driving habits and vehicle recalls to reduce deaths and injuries which occur as a result of driving. |
| U.S. Department of Agriculture (USDA) | Helps manage and regulate food production in the United States, including setting standards for food safety and conducting inspections to make sure food production is safe. |
| Lemon Laws | A state-by-state law that establishes the rights of a consumer who has purchased defective items, especially automobiles. Protect people because state covers the cost of the defected car within the first 2 years of buying it or 24,000 miles (depends on s |
| Meat Inspection Act | Passed on June 30, 1906, this U.S. federal law requires the USDA to inspect all livestock that was to be processed into products for human consumption. Protects people from eating contaminated meat that will cause food poisoning and other potential probl |
| Child Safety Protection Act | Requires all toys and games with small parts have a warning label for parents. Reminds parents to supervise the child playing with the toy to prevent choking. |
| Fair Credit Billing Act | Allows consumers to dispute charges they do not recognize, charges for products they never received, and other errors. Protects consumers by allowing them to dispute any errors and unknown charges they received on their billing sheet. |
Created by:
shubham1
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