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Consumer Powers and Protections

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Presentation on theme: "Consumer Powers and Protections"— Presentation transcript:

1 Consumer Powers and Protections
Chapter 1 Consumer Powers and Protections

2 1.1 Consumer = is someone who uses goods and services
Goods = physical objects that are produced (cookies, jeans) Services = actions that are performed for someone (haircut)

3 Your Economic Role Consumer Worker Citizen How are these related???

4 Consumers Have POWER Collectively our purchasing decisions affect which goods and services are produced. Example- consumers buy lots of SUV’s, they make more, hire more workers, more people earn more money, etc. etc. Marketplace= all of the goods and services available for sale to general public Retailers= sell directly to the consumers (Wal Mart) Teens spend $172 BILLION Yearly

5 Technology Changes how we buy things TV Internet
Shop and Compare from home! Easier to buy on impulse

6 Effective Consumers Set goals Think critically Do research
Manage every day finances Plan for financial security

7 1.2 The Consumer Movement Power of the consumers as a group can balance the power Consumer advocates= people or groups who work on behalf of consumers Page pioneers of the consumer movement

8 Consumer Rights and Responsibilities Page 29
<pg 15 wkbk read aloud> Federal Laws Page 30 Federal Agencies Page 31 <pg. 17 wkbk., poss. posters>

9 Other consumer Assistance
Consumer Groups- focused on education, protection, and advocacy Consumer Testing Agencies and Publications- Consumers Union (CU) an independent consumer testing agency, buy products and test them Consumer Reports Magazine

10 Better Business Bureau- offers reports on local business that consumers report
Consumer affairs department Consumer action panels Media

11 1.3 Safeguarding your privacy
Identity Theft= illegal use of a persons personal information Social Security Number- unique 9 digit number to keep track of your earnings DO NOT GIVE OUT UNLESS NECESSARY How Does it Happen?? Pg 35

12 Preventing Identify Theft
Handle mail with care Keep personal items locked Safeguard passwords Do not give out personal info Cut up old credit cards, statements,etc.

13 If your Identity is stolen
File a report with police Notify banks and credit card companies Alert agencies

14 Data Collection and Privacy Issues
Some info is needed to process an order Some companies will keep that info Some might sell it

15 Online Profiling When companies collect info about web sites consumers visit and then use that info to predict what consumers might buy in future Cookies- small files stored on your computer that allows web sites to remember info about you <debate the issue>

16 1.4 Recognition of Fraud and Deception
Deceptive Advertising- likely to mislead consumers through false statements, omitted info, etc. Bait Switch – retailers advertise a product that it has no intention of selling in hopes the consumer will buy something else False promise of free gifts Deceptive pricing – saying a “sale” when it is no better than every day price Hidden Prices

17 Fraud Fraud- deceitful conduct designed to manipulate another person for some gain. Pyramid scheme – illegal get rich quick plan Chain letters BUYER BEWARE

18 1.5 Resolving Consumer Problems
Registering a complaint State the problem Have receipts What do you want to happen? Go to store or write letter see page 48

19 Legal actions- Small claims court Lawsuit Class action suit

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