| A | B |
|---|
| Rational Self Interest | people will make choices that will give them the most satisfaction at a particular time based on their current information |
| Rational Choice Theory | individuals choose the best action according to stable preference functions and constraints facing them |
| Conspicuous consumption | when a person pays an extremely high price for a product for it's prestige value |
| 2 ways to protect consumers | politics and education |
| Consumer movement | organization efforts of people to enhance the rights and collection welfare of consumers. Primary goal: advance efficiency and equity in the marketplace |
| Ralph Nader | "Unsafe at Any Speed" consumer advocate for car buyers |
| Esther Peterson | worker's rights, equal pay for equal work, truth in advertising, nutrition labels and "sell before" labels for food. first appointee to post of White House Consumer Advisor. Removed by Ford, and reappointed by Carter |
| Social Regulation | address health, safety, employment fairness, environment fairness, etc. (Job discrimination & clean water/air acts) |
| Susan B Anthony | asked for equal pay for female teachers. First women's rights convention in 1848 at Seneca Falls, NY. Soon focused on women's suffrage and helped found the American Equal Rights Association in 1866 |
| Lucy Stone | First women in MA to achieve college degree and keep her last name |
| Elizabeth Cady | Removed the word "obey" from marriage ceremony |
| Wyoming Women's Suffrage | 12/10/1869 |
| National Women's Suffrage | 8/26/1920, 19th amendment |
| Victoria Woodhull | 1872, first woman to run for president. Womens rights, free love, and labor reform |
| Child Labor Reform | 1852, MA requires children to attend school. 1906: 55 hour work week. 1938: Fair Labor Standards Act |
| Mcclure's Magazine | Standard oil, bribery, fraud, violence |
| Dr. Harvey Wiley | US Dept of Ag. "Poison Squad" |
| Upton Sinclair | Wrote "the Jungle" about Chicago meat packing houses. Let Teddy R. to support Meat Inspection Act |
| First Era: Early 1900's Legislation | 1887 - Interstate Commerce Act. 1890: Sherman Anti-Trust Act. 1906: Pure Food & Drug Act & Meat Inspection Act. Ended by economic hardship and WWI |
| Consumer durables | Products good for 3+ years |
| Your Money's Worth | Chase & Schlink. Called for product testing. Consumer's Research (CR) group formed by Schlink to do product research |
| Second Era: 1920s-30s | 1933: "100 Million Guinea Pigs: Dangers in Everyday Foods, Drugs, and Cosmetics" (Kallet and Schlink) Ended by the great depression |
| Elixir Sulfanilamide (1937) | mass poisoning in US, caused 100+ deaths. Capsule for was safe, liquid was not |
| John Kenneth Galbraith | "The Affluent Society" - less emphasis on production and more emphasis on public service |
| Second Era: 1940's-50's | 1934 FCC: Regulates communication over radio, telephone, wire, satellite, etc. 1938: Federal Food, Drug, and Cosmetic Act. Ended by WWII |
| Lash Lure & Koremlu | caused blindness and the latter contained rat poison |
| Consumer Bill of Rights | right to safety, to be informed, to choose, to be heard |
| Consumer Product Safety Commission (CSPC) | established in 1972 to protect the public from unreasonable risk of injury cased by consumer products |
| Food and Drug Administration (FDA) | Charge with ensuring that processed foods, drugs, medical devices, and cosmetics are safe and properly labeled. |
| Federal Trade Commission (FTC) | makes sure that advertising and labeling are not false or misleading |
| Better Business Bureau | makes complaints about business available to those interested |
| Rachel Carson | "Silent Spring" (1962) inspired environmental concerns |
| Kefauver-Harris Drug Amendment (1962) | Required drug companies to register with the FDA |
| Credit Card Act of 2009 | Regulates interest rate hikes, fee caps, minimum 21 without consigner, funky wording, double billing |
| Patient Protection & Affordable Care Act (2010) | Obamacare. Children covered until 26, 30 million more americans qualify for insurance, everyone MUST have health insurance. Constitutionality is being questioned. |
