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Unformatted text preview: 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 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...
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This note was uploaded on 05/04/2008 for the course HISTORY 101 taught by Professor Smith during the Spring '08 term at UMass (Amherst).
- Spring '08