Consumption and Consumer Rights Vocabulary Flashcards

Vocabulary flashcards covering types of consumption, influencing factors, characteristics of a wise consumer, consumerism, and consumer rights under R.A. No. 7394.

Direct Consumption

The act of using goods or services to satisfy personal needs.

Productive Consumption

The act of using goods or services to produce other goods, such as using flour to bake bread for sale.

Wasteful Consumption

The act of using more goods or services than what is necessary, such as leaving food uneaten.

Harmful Consumption

The act of using products that harm health, such as cigarettes and illegal drugs.

Quick Consumption

The rapid acquisition, use, and disposal of goods and services to obtain immediate or momentary satisfaction; also called throwaway or disposable culture.

Price

The amount paid for goods or services, which often limits consumption based on a consumer's ability to afford it.

Bandwagon Effect

An advertising technique and social factor that encourages people to buy products to join many satisfied users or follow the crowd.

Testimonial

An advertising method featuring endorsements by popular celebrities or appealing models to motivate consumer purchases.

Branding

An advertising technique that highlights the good qualities of a product to capture consumer attention.

Ernst Engel

A German economist who formulated an observation regarding household income and expenditure patterns on food.

Engel's Law

An economic observation stating that when income is low, a large portion is spent on food; as income rises, the proportion spent on food decreases, even if total food spending increases.

Frugality

A consumer value characterized by planning purchases carefully and avoiding impulsive buying.

Consumer

A person who purchases and uses products and services to satisfy personal needs through direct consumption.

Consumer Products

Goods and services used by consumers for individual and household needs, such as food, clothing, shelter, devices, cosmetics, and medicines.

Consumer Services

Services offered by businesses to repair and improve consumer products.

Alert (Wise Consumer Characteristic)

Remaining watchful during transactions to avoid being cheated or defrauded by traders in the marketplace.

Budget-conscious (Wise Consumer Characteristic)

Evaluating options carefully before purchasing and buying only what is needed within budget, while taking advantage of price drops or sales.

Reasonable (Wise Consumer Characteristic)

Considering both price and quantity to balance satisfaction for every centavo spent, matching competitive prices to top quality.

Uninfluenced by Advertisement (Wise Consumer Characteristic)

Judging products based on value, quality, and price rather than falling for celebrity endorsements or flashy ads.

Analytical (Wise Consumer Characteristic)

Patiently examining a product's quality, perceived value, and expected benefits, and comparing them with available options.

Seeking Alternatives or Substitutes (Wise Consumer Characteristic)

Looking for the best alternative that fits one's needs and budget when a preferred product is unavailable.

Avoiding Panic Buying (Wise Consumer Characteristic)

Making rational purchasing decisions and refraining from buying out of fear, panic, or excitement.

Consumerism

A movement that promotes and protects consumers' rights to fair business practices while educating and assisting them in making informed choices.

R.A. No. 7394

Known as the Consumer Act of the Philippines, a law setting government objectives that align with consumer rights.

Right to Basic Needs

The consumer right to have access to an ample supply of goods at reasonable prices to meet basic needs.

Right to Safety

The consumer right to be protected from hazardous products and services, including health risks like food contamination and toxic substances.

Right to Proper Information

The consumer right to receive accurate information about products so that advertisements do not mislead or deceive.

Right to Choose

The consumer right to freely select preferred products without force and to return defective goods.

Right to Representation

The consumer right to form organizations that participate in policy-making and advocate against fraud, exploitation, and unethical conduct.

Right to Redress

The consumer right to demand compensation, such as refunds, replacements, or repairs, for defective products or poor services.

Right to Consumer Education

The consumer right to be informed about rights and responsibilities to make wise decisions and avoid deceptive practices.

Right to a Healthy Environment

The consumer right to be protected from health hazards through regular marketplace inspections and health permits.