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Consumer Education Semester Review

Vocabulary words you need to know for the final exam.

Assertive Consumerperson who knows what he wants and works to get it without upsetting everyone
Bodily Injury LiabilityInsurance that protects you against financial loss, including the cost of your legal defense, when you are legally responsible for injuring other people in an automobile accident
Canceled checka check with the bank's stamp on it, indicating that it has been paid
Consumer Sovereigntyidea that consumer choices determine what hgoods and services are produced "consumer is king"
Consumeranyone who buys or uses products
Collision coverageinsurance that pays for damage to your car caused by colliding with another car or object
Creditability to borrow money in return for a promise of future repayment
Capital incomeprofit earned from owning something
Certificate of deposit (CD)a deposit in a savings institution that earns a fixed interest rate for a specified period of time
Intensifyingadvertising that makes a product appear better than it is
Interstate commerceTrade between two or more states
Intrastate commerceTrade between a state
Demandthe quantities of a good or service that consumers are willing and able to buy at various prices during a given time period
No-Fault Insturancelaws that require each person's automobile insurance company to pay for the insured's own losses, no matter who caused the accident
Opportunity costthe value of your next best alternative whenever you make a choice
Market placeplace where the buyer and seller meet
Medical payment coverageinsurance that pays medical/funeral expenses for you, your family members, and other passengers in your car because of injuries sustained in an accident
Outstanding checka written check but it has not been paid
Property damage liabilityinsurance that pays for damage you caused to another person's property
Supplythe quantities of a product that producers are willing and able to make available for sale at various prices over a given time period

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