Unit 5- Be a Critical Consumer Section 3.1 Consumer Rights and Responsibilities

Section 3.1 Consumer Rights and Responsibilities Goals: Describe each of your consumer rights and responsibilities.

Key Terms Competition Monopoly Redress

What is Consumerism? Consumerism seeks to protect and inform consumers by requiring such practices as honest advertising, product warranties and improved safety standards.

History of Consumer Rights When do you think consumer rights became a necessity? As the variety and complexity of products available to consumers in the marketplace because it became more difficult for consumers to protect themselves. In 1962, John F. Kennedy (JKF) established a set of four fundamental consumer rights, later three more were added to creating our Consumer Bill of Rights.

Consumer Rights - Overview What do we mean by “consumer rights”? You expect fair value in exchange for the money you spend for a good or service. You expect to be treated with respect & honesty by merchants. You expect products you buy to be safe & reliable. You expect a refund or exchange for a defective product.

Consumer Rights at work! Allow for Competition: a contest among sellers to win customers. Why is competition important? It helps keep prices reasonable Disallow for a Monopoly: a situation in which there is only one company that sells a specific product or service. Gives the company an unfair advantage over competitors.

Consumer Rights & Responsibilities Consumer Responsibilities 1. Right to Safety Responsibility to Use Products Safely 2. Right to Be Informed Responsibility to Use Information 3. Right to Choose Responsibility to Choose Carefully 4. Right to Be Heard Responsibility to Express Satisfaction or Dissatisfaction 5. Right to Redress Responsibility to Seek Redress 6. Right to Consumer Education Responsibility to Be an Educated Consumer 7. Right to a Healthy Environment Responsibility to Contribute to a Healthy Environment