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Published bySibyl Dorsey Modified over 9 years ago
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What’s your role?
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Profit Motive Open Opportunity- everyone can compete in the market place Legal Equality- everyone has the same legal rights Private Property- right to own and make decision about your property Freedom to buy and sell what they want
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Gathering product information before making a purchase Read reviews of different brands and models Conduct research on the internet Seek advice from family and friends Visit stores to compare prices and quality Look at brochures and catalogs
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Rational Choice- the alternative that has the greatest perceived value Involves choosing the best quality item that is the least expensive from comparable-quality products. Involves the greatest perceived value Each person’s value system for what he spends is different. Example- Running shoes
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ADVERTISING The goal of advertising is to win the customer dollar and advertisers are willing to spend millions of dollars to attract your attention. Competitive advertising- attempts to persuade consumers that a product is different from and better than their competitors. Informative advertising- provides useful information about a product Bait and switch- a type of false advertising (advertise a very low price and talk them into higher price items.)
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Getting information on the types and prices of products available from different stores or companies. CamelBakCamelBak M.U.L.E 100 oz $100 Camelbak Tycoon 100 oz. Hydration Pack $74.95 Regatta Adventure Tech 10L Hydro Pack 330oz $26.95
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Consider the following when making a purchase: Price Warranty- the promise made by the manufacturer to repair or replace the product if it is faulty. Brand name or Generic?
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Consumer Rights Right to safety- protection against dangerous goods Right to be informed- against fraud and to make reasonable choices Right to choose - competitive markets- no monopolies Right to be heard- consumer will be listened to Right to redress- payment to you for financial or physical damages caused by their products
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Transportation Education Product safety Worker safety Taxation
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Food and Drug Administration Federal Reserve system Federal Trade commission National Labor Relations Board Environmental Protection agency Occupational Safety and Health Administration
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Merit Good Society considers these desirable by government leaders- museums, ballets, etc Government may subsidize these goods Demerit Good- society considers these undesirable- tobacco, alcohol, gambling Government taxes and regulates demerit goods “Sin Taxes”
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Income redistribution- govt. activity that takes money from some,through taxes, to help citizens in need. Tax dollars are used to subsidize 2 categories of assistance 1. Social-Insurance Programs 2. Public Assistance Programs
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Programs that pay benefits to retired and disabled workers, their families and the unemployed. Examples: Social Security Medicare Worker’s compensation Unemployment insurance A portion of your pay goes to these programs.
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Same as Welfare Helps people based on need, regardless of age. You don’t have to pay taxes to benefit Examples- Welfare Medicaid Supplemental Nutrition Assistance Program (SNAP), (Food Stamps)
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