Economics and Consumer Rights Flashcards

Flashcards defining core concepts of economics, consumer rights, consumer responsibilities, and key factors influencing consumption based on lecture notes.

Ekonomiks

Focused on critical thinking and responding to economic problems.

Produksiyon

Involves the transformation of raw materials into useful goods.

Entreprenyur

An individual who starts and operates a business.

Pagkonsumo

The purchasing, acquiring, and patronizing of products and services focusing on needs.

RA No. 7494

"The Consumer Act of the Philippines", the first law providing comprehensive protection to Filipino consumers.

Karapatan sa mga pangunahing pangangailangan

The right to have access to basic and essential products and services, such as adequate food.

Karapatan sa kaligtasan

The right to be protected against the marketing of goods or provision of services hazardous to life and health.

Karapatan sa impormasyon

The right to be provided with factual information needed to make wise choices.

Karapatang pumili

The right to choose from a range of products and services at competitive prices.

Karapatan sa pagkatawan

The right to express consumer interests in the formulation and execution of government policies.

Karapatang magbawi

The right to be compensated for misrepresentation, substandard products, or unsatisfactory services.

Karapatan sa edukasyon ng mamimili

The right to acquire the knowledge and skills necessary to be a smart consumer.

Karapatan sa isang malusog na kapaligiran

The right to live and work in an environment that is not threatening or dangerous.

Critical Awareness (Responsibilidad sa Mapanuring Kamalayan)

The consumer responsibility to be alert and ask questions regarding the use, price, and quality of goods and services.

Action (Responsibilidad sa Pagkilos)

The consumer responsibility to assert oneself and act to ensure fair treatment.

Social Concern (Responsibilidad sa Pagmamalasakit na Panlipunan)

The consumer responsibility to be aware of the impact of consumption on other citizens.

Environmental Awareness (Responsibilidad sa Kamalayan sa Kapaligiran)

The consumer responsibility to understand the environmental impacts of consumption.

Solidarity (Responsibilidad sa Pagkakaisa)

The consumer responsibility to organize together as consumers to build strength to advance common interests.

Kita

The most important factor affecting consumption because it directly affects an individual's spending capacity.

Consumption Smoothing

The practice of maintaining one's standard of living by ensuring a proper balance between spending and saving.