Consumer Economics and Legal Aid - Page 1 (Vocabulary)

Flashcards covering key consumer finance terms, dispute resolution methods, and legal aid concepts from Page 1 notes.

Down payment

The portion of the total cost of an item that must be paid at the time of purchase.

Cooperative

A nonprofit organization owned and operated by its members for the purpose of saving money on goods and services.

Impulse buying

Purchasing items on the spur of the moment.

Open dating

Labeling method that indicates the freshness and shelf life of an item.

Unit pricing

The use of a standard unit of measuring to compare the price of items that are different sizes.

Rebate

Partial refund of the price of a product.

Warranty

A written guarantee from the maker that states the conditions under which the product can be returned or repaired.

Service contract

A separately purchased agreement to cover the cost of the item.

Fraud

A dishonest business tactic intended to trick or gain an unfair advantage.

Mediation

An attempt by a third party to resolve a conflict between a consumer and a store through negotiation.

Arbitration

A process in which a third party settles a dispute with a store or consumer and the decision is binding.

Small claims court

A court that handles legal disputes involving relatively small monetary amounts (below a defined limit).

Class action suit

A legal action brought on behalf of all people who experienced the same injustice.

Legal aid society

A network of community law offices that provide free legal aid.