| A | B |
|---|
| Attorney General | state citizens from fraud and criminal acts |
| Better Business Bureau | Persuades businesses to remedy problems or fulfill promises for a product or service |
| Brand names | Products sold by national manufacturers and have names everyone recognizes (Jif Peanut Butter, American Eagle) |
| Consumer Information Center | Provides information on government publications on topics of interest to consumers |
| Consumer Product Safety Commission | Promotes safety from unreasonable risk of injury from products; sets safety requirements; tests products; conducts research and education programs |
| Convenience goods | Goods consumers buy regularly without much effort (milk, bread) |
| Demand | The amount of goods or services consumers are willing and able to buy |
| Department of Transportation | Sets requirements for motor vehicle safety, maintenance, and fuel economy; tests vehicles and other auto products for compliance with laws |
| Department stores | Stores that have a variety of departments and sell many products; sales people in each department (Belk, Dillard’s, JC Penny) |
| Discretionary Income | Income that is left over after a consumer’s basic needs have been met |
| Division of Standards | maintains scales, packages, gasoline pumps, and labels to guarantee true weights and measurements |
| Environmental Protection Agency | Works with businesses to reduce pollution and make environment healthier |
| Equilibrium Price | The price at which the amount supplied and the amount demanded come together |
| Federal Trade Commission | Federal agency that enforces laws and regulations concerning unfair advertising |
| Food and Drug Administration | Sets and maintains purity and safety standards for food, drugs, and cosmetics; ensures accurate labeling; removes unsafe products from the market |
| Generic Brands | No name, unbranded products sold at reduced prices |
| Law of Demand | Consumers will buy less of an item at a higher price than at a lower price |
| Law of Supply | The higher the price, the more producers will supply; the lower the price, the less producers will supply |
| Limited Line | Sells only one type of merchandise (Foot Locker, GAP) |
| Mass Merchandisers | Stores that sell a variety of items at reasonable, low prices (Wal-Mart, Target) |
| Market Economy | Basic economic decisions are based on the actions of buyers and sellers in the market |
| Marketplace | Any place where individuals buy and sell goods and services |
| Nondiscretionary Income | Income used to purchase items to meet basic needs |
| Off-Price stores | Purchase various manufacturers’ overruns and sell at reduced prices (TJ Maxx) |
| Outlet Stores | Run by a manufacturer and sells only their brands at reduced prices (Levis, Nike @ Smithfield Outlet) |
| Price | The amount of money given or asked for when goods or services are bought or sold |
| Public Utilities Commission | Regulates utility rates |
| Shopping Goods | Consumers purchase after looking around and comparing products |
| Shortage | An under-supply of a product |
| Specialty goods | Goods that consumers buy because of a specific brand or company; consumers will accept no substitution for that item |
| Store Brands | only by certain stores: Kenmore (Sears); Arizona (JC Penny) |
| Super Stores | Extremely large—Sells mass merchandise, groceries (Super Wal-Mart, Super Target) |
| Supply | Amount of goods or services that producers will provide |
| Surplus | An over-supply of a product |
| US Postal Service | Enforces laws against fraud by mail; helps consumers recover money; provides information on common mail fraud schemes |
