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Consumer Rights and Responsibilities Vocabulary 5.01

NC Personal Finance Objective 5.01

AB
gooda physical object that is purchased
servicean action that is performed for someone's benefit (i.e. car repair)
retailerone who sells goods and services directly to consumers
marketplaceall retailers' goods and services available to the general public
merchandisea product or physical item purchased
consumable productproduct that typically provides a single use or period of use and is destroyed or disappears as consumer enjoys product
durable productproduct that lasts for long period of time and continues to be available to consumer for more than a single use
warrantyguarantee that product is in good working order and will give good service for reasonable amount of time
full warrantyguarantee for product that has no specific limitations
limited warrantyguarantee for product that states what the limitations of the guarantee covers
government agencyan organization that operates as part of state or federal government
merchant servicesany helps provided to consumers by comparies/stores/businesses
consumer affairs departmentdepartment of business that communicates with customers about their rights and needs as consumers
consumer advocateperson or organization that works on behalf of consumer's interests and rights
Better Business Bureaunonprofit organization sponsored by private businesses that attempts to settle consumer complaints against local businesses
consumer action panelgroup formed by a trade association to address consumer complaints


Teacher
East Burke High School
Connelly Springs, NC

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