Unit 2: Consumer Skills
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32 Terms
Consumer Skills
the knowledge and skills people use to make smart decisions about purchasing goods and services
Product Pricing
the process of determining the appropriate price for a product, taking into account costs and what customers are willing to pay
Unit Price
the price for a single unit of measure
Consumer Spending
the total money spent by households on goods and services over a period of time
Discretionary Spending
pays for our wants - lifestyle, entertainment, comfort
Impulse Buying
frequent, unplanned purchases that are driven by emotions (EMOTIONAL BUYING)
Comparison Shopping
comparing prices and features of a product to find the best value (RATIONAL BUYING)
Target Market
a group of people identified as potential customers for a product or service
The Marketing Mix
Product
Place
Price
Promotion
People
Advertising
products or services are promoted
Consumer Bill of Rights
Right to be informed
Right to safety
Right to choose
Right to be heard
Right to service
Right to have problems corrected
Right to consumer education
Right to a healthy environment
Consumer Protection
the laws and organizations that ensure the rights of consumers
Federal Trade Commission
federal agency that protects consumers and ensures fair competition
The Better Business Bureau
nonprofit organization that helps consumers find businesses and charities they can trust
Contract
a legally binding agreement between two or more parties
Leasing
renting a product - lease grantor has ownership
Tenant
person who rents the property
Landlord
person who owns the property
Security Deposit
money paid to landlord to cover possible damage and cleaning costs
Rent
price paid for the use of someone else’s property
Renter’s Insurance
covers damage and loss of personal property and liability in a rental home
Eviction
the court orders the tenant to leave the property where they reside
Mortgage
a secured loan used for buying property
Down Payment
portion of purchase price of a property that is not borrowed
Closing Costs
fees and charges you pay when you purchase a property
Equity
the difference between the market value of a property and the amount you owe on the mortgage
Default
failure to repay a loan
Foreclosure
the bank takes possession of a property when the borrower fails to make mortgage payments
Depreciation
the decrease in the value of a property over time
Financial Record Keeping
keeping and organizing your financial documents
Identity Theft
the unauthorized use of someone else's personal information
Consumer Fraud
deceptive practices to get financial gain from consumers