commerce

Goods

Physical, tangible products that can be bought and owned.

Services

Non-tangible activities provided by businesses or individuals to meet consumer needs.

Price

The amount of money required for a product or service; influences consumer spending decisions.

Quality

The standard of a product; consumers prefer high-quality items to avoid frequent replacements.

Convenience

Factors that make purchasing easier, such as store location and shopping hours.

Brand Loyalty

Consumer preference for familiar brands due to trust or past positive experiences.

Advertising and Marketing

Tactics used to influence consumer decisions, such as social media ads and discounts.

Trends and Social Influence

Impact of social media and peer recommendations on purchasing habits.

Ethical Considerations

Factors that include environmental and social ethics in consumer choices.

Comparison Shopping

Researching and comparing products, prices, and sellers to ensure value for money.

Budgeting

Planning expenses based on income to avoid overspending.

Impulse Buying vs. Planned Purchasing

Impulse buying is unplanned, while planned purchasing is based on research.

Retail Stores

Physical locations where consumers can experience products and receive customer service.

Online Shopping

Purchasing products through the internet, offering variety and home delivery.

Second-Hand Markets

Places like thrift stores or online platforms where used goods are sold.

Wholesale

Selling products in large quantities to businesses, typically at lower prices than retail.

Credit Cards

Plastic cards that allow consumers to borrow funds up to a limit for purchases.

Debit Cards

Cards linked to a bank account that allow transactions with available funds.

EFTPOS

A system for electronic fund transfer from the consumer’s account to a retailer.

Buy Now, Pay Later

Payment option allowing consumers to buy goods and pay in installments.

Consumer Rights

Legal rights to safe, functioning products that match their descriptions.

Types of Scams

Fraudulent schemes such as phishing, investment scams, and identity theft.

Elements of a Contract

Includes offer, acceptance, and consideration in any agreement.

Consumer Guarantees

Assurance that products are of acceptable quality and meet descriptions.

Unconscionable Conduct

Exploitation of vulnerable consumers by businesses.

ACCC

Australian Competition and Consumer Commission; enforces consumer protection laws.

Fair Trading Offices

State agencies managing consumer complaints and disputes.

Small Claims Tribunal

A court for resolving minor disputes between consumers and businesses.

Fixed Expense

Regular, consistent costs such as rent and insurance.

Variable Expense

Expenses that fluctuate over time, like entertainment or fuel.

Disposable Income

Income available for saving or spending after taxes and essential costs.

Caveat Emptor

The principle that the buyer is responsible for checking the quality of goods.