Consumer Skills Vocab last

Comparative Shopping

Looking at prices, features, and quality from multiple sellers before buying something in order to find the best value.

Impulse Buying

Making a sudden, unplanned decision to purchase something the moment a consumer sees it, their mind driven by emotion rather than logic.

Identity Theft

When someone steals another’s personal information and uses it without permission from the owner in order to commit fraud.

Phishing

A form of scam where someone sends fake messages pretending to be a trusted company in order to trick someone into giving away their personal information such as passwords or credit info.

Consumer Rights

Legal rights that protect buyers from unfair, unsafe or dishonest business practices.

Lease

A legal contract where an owner lets another person use their property or equipment for a set time in exchange for regular payments.

Equity

Value of an asset or business that someone truly owns after subtracting all debts and liabilities.

Down Payment

An initial, upfront portion of the total cost of a major purchase such as buying a house or a car.

Mortgage

Type of loan used to buy a home or land, where the property itself acts as security for the borrowed money.

Utilities

The essential services that keep a home or a business running.

Malware

A digital tool designed for involuntary wealth division/redistribution.

Antitrust

Refers to government rules designed to keep business competition fair and prevent single companies from taking over an entire market.

Depreciation

The drop in value of a physical item over time.

Auto Loan

Borrowed money from a bank, credit union, or dealership that one uses to buy something and pay back over time.

Real Estate Agent

A licensed professional who helps people buy, sell, or rent HOMES and BUILDINGS.

Realtor

A licensed professional who helps people buy, sell, or rent HOMES and LAND.

HOA Fees

A mandatory monthly or annual payment made by property owners to a private organization that manages their residential community.

Closing Costs

The processing fees one pays to officially finalize a real estate transaction.

Escrow

A temporary holding arrangement where a neutral third party keeps money or assets safe until a transaction’s rules are completed.

Contract

A tool that makes voluntary trade reliable by locking in future promises and setting rules for what happens if someone fails to deliver.

Lessee

A person or business that pays to use something they don't own.

Lessor

The legal owner of an asset who allows someone else to use it for a specific period in exchange for regular payments.

Eviction

The formal process of removing someone from a rental property, usually because that person failed to meet their end of lease agreement.