Consumer Rights and Responsibilities Review

Flashcards to review key concepts about consumer rights, responsibilities, ethical consumerism, and business practices.

What are consumer rights?

The right to safe products, accurate information, and refunds.

What are consumer responsibilities?

The responsibility to pay for goods and services.

What is ethical consumerism?

Making purchasing decisions based on moral values, such as sustainability and fair trade.

What law protects consumers in Australia?

The Australian Consumer Law (ACL).

Why is budgeting important?

It helps manage income and expenses to avoid debt and save for future needs.

What is the difference between a debit card and a credit card?

A debit card uses your own money; a credit card borrows money that must be repaid.

What is superannuation?

A retirement savings fund that employers contribute to for their employees.

What is the law of supply and demand?

Prices increase when demand is high and supply is low, and decrease when demand is low and supply is high.

Name three key economic indicators.

GDP, inflation rate, and unemployment rate.

What are the main types of market structures?

Perfect competition, monopoly, oligopoly, and monopolistic competition.

What are the three main types of businesses?

Sole trader, partnership, and company.

What is the purpose of a business plan?

To outline goals, strategies, and financial forecasts for a business.

Name two common marketing strategies.

Advertising and market segmentation.

What is the difference between civil and criminal law?

Civil law deals with disputes between individuals, while criminal law deals with offenses against society.

What is contract law?

The set of legal rules governing agreements between two or more parties.

What is the role of courts in the legal system?

To interpret and enforce laws and resolve disputes.

What are the three levels of government in Australia?

Local, state, and federal.

What is democracy?

A system of government where citizens vote to elect their leaders.

How can government policies impact businesses?

Through regulations, taxation, and economic policies.

What are the four main types of employment?

Casual, part-time, full-time, and contract.

What are workplace rights?

Rights to fair pay, a safe work environment, and protection from discrimination.

What is the role of a trade union?

To protect workers' rights and negotiate better wages and conditions.

Name three financial factors that affect decision-making.

Income, savings, and credit availability.

How do legal factors impact business decisions?

Businesses must comply with consumer protection laws and employment contracts.

What are some ethical and social factors that influence business decisions?

Sustainability, corporate responsibility, and fair trade practices.