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Unit 5- Be a Critical Consumer

Section 3.1 Consumer Rights and Responsibilities. Unit 5- Be a Critical Consumer . Section 3.1 Consumer Rights and Responsibilities. Goals: Describe each of your consumer rights and responsibilities. Key Terms. Competition Monopoly Redress. What is Consumerism?.

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Unit 5- Be a Critical Consumer

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

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

  3. Key Terms • Competition • Monopoly • Redress

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

  5. 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.

  6. 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.

  7. 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.

  8. Consumer Rights & Responsibilities

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