Marvelous Monday December 7 D71 This week on the Web…

Based on the “Keys to Wise Consuming” ( ), are you a wise consumer? In a paragraph of 10 sentences, (no more, no less), answer this question. Refer to the textbook if you need to. Chapter 18, Section 3; pages I will collect this!

The Better Business Bureau (BBB) Nonprofit organizations are not just limited to co-ops and civic groups. Many other groups also organize to promote the interests of their members. For example, the Better Business Bureau (BBB) helps protect the consumer. The BBB is a nonprofit organization sponsored by local businesses to provide general information on companies. It maintains records on consumer inquiries and complaints and sometimes offers various consumer education programs.

The Consumer Product Safety Commission is responsible for consumer product safety. In 1972, Congress passed the Consumer Product Safety Act, which gave the CPSC powers to protect individuals from unsafe consumer products. They accomplish this task through evaluating the safety of consumer products, developing standards, and conducting research as it pertains to safety. For example, the CPSC recently issued a recall on folding lounge chairs because consumers have reported falls when using them. Federal Agencies that protect you and me

The FTC was initially created in 1914 as an agency that wielded a weapon against antitrust. Eventually, the commission's powers were enlarged to also protect consumers against false advertising and fraud. There are many specific areas that the FTC has targeted in respect to the protection of the public. For example, the most recent areas of concern have been towards businesses advertising to children. The FTC was able to fine a large technology company $19 million for unfairly billing parents for their children's authorized app purchases. Federal Trade Commission (FTC)

The SEC was established by Congress to protect consumers. The purpose of the SEC is to regulate the securities markets and provide full public disclosure of financial information to protect investors against fraudulent and manipulative practices in the securities markets (stock investments). For example, the SEC will take legal action against companies, such as credit card companies or banks that credit a consumer's account with payments that the consumer submitted on time and then charge late fees to the consumer. Security Exchange Commission

Attorney General is part of the Justice Department for both federal and state governments. The Attorney General is in charge of the state’s legal business or matters concerning the law. He or she provides state officials with advice about the meaning of laws. The AG or an assistant represents the state in court when the state is involved in a lawsuit. The AG may also assist local officials in the prosecution of criminals. North Carolina’s Attorney General

Attorney General Roy Cooper works to protect North Carolina consumers from scams and frauds. Cooper and his Consumer Protection Division have helped hundreds of thousands of consumers like you get more than $100 million of your money back, and have helped win $250 million in savings on your utility rates. Signing up for the Do Not Call Registry gives you the right to decide who calls you at home.Do Not Call Registry North Carolina’s Attorney General continued

What do you think of when you hear economic terms in the news such as depression, inflation, and recession? These terms are all related to stages that the economy goes through. Sometimes the economy is very strong and other times it weakens. Today’s topic: The Business Cycle

Write today’s EQ. What is the business cycle, and what causes it to fluctuate?

What is a business cycle? Refers to when the economy goes through periods of uneven growth

What was the worst point in the business cycle that the US has ever experienced? The Great Depression

Why should you know something about the business cycle? Depending on which stage of the business cycle the economy is in will impact how you use your money. (saving, spending, investing)

Focus Questions, Section 1 1.What is a business cycle? 2.What are the different parts of the business cycle? Stop & draw and label the “business cycle” diagram on page 535 in your NB. This describes the economy when the economy is good, then turns bad, then returns to good again. Expansion, inflation, peak, contraction, recession, trough, depression

The Business Cycle With a partner, write statements to help you remember the meaning of the following terms: 1.Expansion 2.Inflation 3.Peak 4.Contraction 5.Recession 6.Trough 7.Depression 1.The economy is booming. 2.Prices are high. 3. Expansion & inflation stop. 4. An economic slowdown 5. Businesses fail, people lose jobs, profits fall 6. The economy reaches its lowest point. 7. The economy continues to perform poorly, evidenced by high unemployment. Be prepared to share your statements with the class! TB PAGE 535

GDP = Gross Domestic Product = the total amount of goods and services produced by the country in one year Handout: Calculating GDP

The Business Cycle 1.Occurs if the contraction is severe enough. 2.Occurs when the trough is extremely low. 3. The business cycle reaches a high point. 4. Refers to a general increase in the price of goods & services 5. The GDP increases 1.Recession 2.Depression 3.peak 4.Inflation 5.expansion

The Business Cycle 6.A period of growth 7.When expansion & inflation stop 8.People are unemployed, can’t buy goods, businesses close 9.An economic slowdown 10.Occurs as customers compete with each other to buy goods & services Expansion Peak Depression Recession inflation