Consumer Decisions and Financial Literacy

This set of vocabulary flashcards covers consumer rights, protection laws like the Australian Consumer Law, terminology for financial management, and factors influencing purchasing decisions.

Role of Consumers

To choose what to buy and influence businesses.

Sustainable Consumption

Buying in a way that protects the environment.

Buying Local

Purchasing from Australian or nearby businesses.

Comparison Shopping

Comparing prices and quality before buying.

Factors Influencing Consumer Decisions

Price, advertising, peers, and quality.

Advertising

A method used to persuade people to buy products.

Cashless Society

A state when most payments are digital instead of cash.

Credit

Borrowing money to pay later.

Risks of Credit

The potential for debt and interest.

Consumer Protection

Measures used to keep consumers safe from unfair businesses.

Identity Theft

Stealing personal information, such as passwords and bank details, to commit fraud.

Australian Consumer Law

The law that protects consumers in Australia.

Basic Consumer Right

The requirement that products must be safe and work properly.

Australian Competition and Consumer Commission

An organisation that protects consumers and regulates businesses.

Consumer Redress

Ways to fix a problem with a product, including refund, repair, and replacement.

Earning

Getting money from a job.

Saving

Keeping money for later.

Investing

Using money to make profit.

Loan

Borrowed money that must be repaid.

Budgeting

Planning how to spend money to help avoid overspending.

Superannuation

Money saved for retirement.

Money Tools

Resources used to manage finances, such as bank statements, spreadsheets, and budgeting apps.