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Chapter 3 Your Purchasing Power

Chapter 3 Your Purchasing Power

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Chapter 3 Your Purchasing Power

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  1. Chapter 3 Your Purchasing Power

  2. What Are Consumer Rights? Many laws protect consumers. • Consumer Bill of Rights • Airline Passenger Rights • Consumer Technology Bill of Rights • Patients’ Bill of Rights • Consumer Protection Laws • Examples: Food, Drug, and Cosmetic Act; Hazardous Substances Act; Cigarette Labeling and Advertising Act; Nutrition Labeling and Education Act; FERPA; HIPAA 3-4 Consumer Rights and Responsibilities Slide 2

  3. Sources of Consumer Protection • Federal agencies • Examples: USDA, FDA, CPSC, FCC, FTC, FAA, SEC • State and local assistance • Private Organizations • Examples: BBB, National Consumers League, Consumers Union 3-4 Consumer Rights and Responsibilities Slide 3

  4. How Are Consumers Defrauded? Deception involves false or misleading claims made about a product. • Bait and switch • Fake sales • Low-balling • Pyramid schemes • Ponzi schemes • Pigeon drop • Infomercials 3-4 Consumer Rights and Responsibilities Slide 4

  5. How Are Consumers Defrauded? http://www.youtube.com/watch?v=9EQPrFR9KRo 3-4 Consumer Rights and Responsibilities Slide 5

  6. How Can Consumers Protect Themselves from Fraud? • Read contracts • Keep receipts and warranties • Compute total cost • Research businesses • Shop smart • Be aware of prices • Understand sale terminology • Compute unit prices • Read labels • Check packages carefully 3-4 Consumer Rights and Responsibilities Slide 6