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exam 1 - Exam 1 study guide CHAPTER 1 SUMMARY Varying views...

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Exam 1, study guide 26/09/2007 15:10:00 CHAPTER 1     SUMMARY Varying views as to whether consumers… o Know what they want o Can determine quality o Can determine safety o Can verify quantity o Can detect fraud o Readily understand pricing practices o Have access to all the info they need to make wise decisions in the  marketplace JFK developed 4 rights of consumers o Safety o Information o Choice o To be heard VOCAB household o one or more people who occupy a housing unit money o something generally accepted as a medium of exchange, a measure of  value, or a means of payment savings o income not spent consumer sovereignty o “the consumer as ruler” o meeting the consumers’ needs is the only important function of an  economy
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competition o rivalry in buying and selling collective consumption o expenditures for public needs education, highways, police oligopoly o few sellers control the majority of the supply of a product or service monopolistic competition o
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