1. Shopping Why do we shop?

2. Objectives You will be able to: Understand the difference between a need and a want Identify the factors that influence your decision to buy something Research and comparison shop Understand your rights as a consumer Make the most of your warranty.

3. Do Now: What does it mean to comparison shop?

4. Why do we shop? Smart shopping is making the most of your limited resources. It can be a survival skill. Must understand the difference between a want and a need. Primary needs: like food, shelter, and clothing is the main reason we shop. Secondary needs: Wants: a car, computer, television. A want if you can’t use it to benefit your everyday well-being it is considered a want.

5. Why do we shop? Standard of living: the necessities and comforts you need to maintain your daily life. Personal influences: to express yourself as an individual Social influences: want to express yourself as a member of a group

6. Research Your Purchase, Not Just Your Paper Avoid impulse buying: do your research before making a purchase. Comparison shopping Look for expert and customer reviews Consumer Reports (copies are free at the library) Store Websites (may be biased)

7. Become a Comparison Shopper Consider all options before making your choice. Keep in mind that stores run sales periodically. The most important thing about comparison shopping is to remember to take your time!!!

8. Agencies that Protect Consumers Federal Trade Commission (FTC) develops and enforces rules that protect consumers through the bureau of Consumer Protection. It also educates consumers and businesses about their rights and responsibilities. Any complaints of fraud or identity theft should be reported to the FTC.

9. Agencies that Protect Consumers Consumer Product Safety Commission: also helps protect the public from dangerous products by regulating safety standards and issuing recalls of products found to be unsafe. Food and Drug Administration: they make sure the medicine we take and the food we eat is safe for our consumption. They also oversee cosmetics and any product that gives off radiation.

10. Before You Go Shopping, Know Your Rights Helps you from being lured into a bad deal. Contracts are agreements between buyers and sellers. Both oral and written contracts are legally binding. Purchases over $500 require written contracts

11. Written Contract 1 st you don’t have to pay for an item that you never received. 2 nd You get to inspect goods prior to paying for them. 3 rd You have the right to return defective or unsuitable purchases within a reasonable time frame.

12. Warranty Is the manufacturer’s agreement to fix or replace your product if something goes wrong. It might only cover certain parts for a limited period of time, or be canceled if the product is used incorrectly. Keep all your papers that come with your purchase: contracts, sales receipts, canceled checks, owner’s manual, and warranty documents.