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Consumerism

Consumerism. What the current american sentiment is toward consumerism. What is a Consumer?. A person who buys goods and services for personal/household purposes from a seller. To do so, both the buyer and seller into a contract.

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Consumerism

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  1. Consumerism What the current american sentiment is toward consumerism

  2. What is a Consumer? • A person who buys goods and services for personal/household purposes from a seller. • To do so, both the buyer and seller into a contract. • Historically, caveat emptor (“buyer beware”) was the name of the game. • Presently, the courts have moved toward a law of equity. • Regardless, making smart choices is still the key to financial success.

  3. Influences on Consumers You need to know what factors influence you! Advertising is designed to trigger a shopping response from you!! Caveat Emptor!!!! Teenagers: there’s a whole market of advertising specifically geared toward you to direct you to specific purchases.

  4. How Laws Protect the Consumer Federal law allows the FTC to regulate unfair or deceptive trade practices. Federal law sets the standards for quality, safety, and reliability (Consumer Product Safety Act, Commission) Many agencies have been created to enforce this administrative law Congress passes laws/Agencies issue rules for the marketplace ADA protects consumers from discrimination due to disability

  5. How Laws Protect the Consumer (cont’d) • States also have consumer protection laws and agencies • The AG or Consumer Affairs Office has power to intervene • Consumers can join class actions • Provide remedies • Cease and desist orders • Consent decrees • Restitution • i.e. “Truth-in-menus”

  6. How to protect yourself • Before buying: • Learn as much as possible prior (Consumer Reports) • Research the company’s service history (BBB) • No the store’s policies • Read the warranty!!!!! • Read the entire contract!!!! • After Buying: • Inspect the product • Follow instructions • Contact the seller first!! • Provide necessary information • If seller is unhelpful, contact the manufacturer • Seek outside help (advocacy agencies/organizations)

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