Consumer Rights and Economics

Flashcards about consumer rights, economics and important concepts.

Commission for Communications Regulation (ComReg)

Responsible for the regulation of the electronic communication sector and provides advice on complaints and pricing.

Small Claims Court

An inexpensive and fast way to resolve disputes up to €2,000, dealing with complaints of faulty goods, bad workmanship, and minor property damage.

Office of the Ombudsman

Examines complaints from people who feel they have been treated unfairly by public bodies.

Competition and Consumer Protection Commission (CCPC)

Enforces consumer legislation, informs consumers of their rights, and informs businesses on how to comply with the law.

Consumer Association of Ireland (CAI)

Protects, promotes, and represents the interests of consumers, publishes a monthly consumer choice magazine, and represents consumer views to the government.

European Consumer Centre Ireland

Supports consumers who have bought goods or services in another European country and is part of an EU-wide network.

Scarcity

Occurs when there is not enough of a resource, indicating the resource is limited.

Need

Something essential for survival, such as water.

Want

Something you would like to have, but is not essential for survival, like a new phone.

Supply

The quantity of a resource that is available at a given time or price.

Financial Cost

The price of the item you choose to buy.

Opportunity Cost

When making a decision, the item you do not choose.

Economic Resources

The factors or inputs used to produce and distribute goods, services, and wealth.

Land

Anything provided by nature and used to produce goods and services.

Labour

The people involved in producing a good or service.

Capital

Physical items made by people and used in the production of other goods or services.

Enterprise

Any attempt to start or do something new by bringing together land, labor, and capital to produce a product or a service.

Economics

A social science that studies how people with limited resources make choices to satisfy their needs and wants.

Rational Choices

One that is based on reason or logic where the expected gains outweigh the expected losses.

Merchantable Quality

Must be in good condition and fit to be sold.

Fit for Purpose

It must do what you expect it to do.

As Described

Good must match the description given.

As Per Sample

Good must match sample.

Services

Provided by someone with necessary skills and qualifications, with the necessary care, using goods or material of merchantable quality.

Repair

Item may be fixed free of charge.

Replacement

Same or alternative product that is free from damage or faults provided.

Refund

Get your money back.

Responsibilities of Sellers

Retailers must respect consumer rights, it is the seller's responsibility to fix any issues.