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PBM Chapter 15

AB
Use of third party who attempts to resolve the complaint between a consumer and business.mediation
Buying too rapidly without much thought.impulse buying
A name given to a product or service to distinguish it from other similar products or services.brand
A legal system for resolving cases involving small monetary amountssmall claims court
The price per unit of measure of a product.unit price
When false information is given to a customer in an effort to make a sale.fraud
a lawsuit brought by one party on behalf of a group with the same grievance.class action suit
A guarantee made orally or in writing that promises a specific quality of performance.express warranty
Third-party settlement resulting in a decision that is legally binding.arbitration
A promise by a manufactureer or dealer, usually in writing, that a product is of a certain quality.guarantee
A guarantee imposed by law that is not stated orally or in writing and that requires certain standards to be met.implied warranty
Banding together of sosumers to demand fair treatment from businesses.consumer movement


Business Educator
Tri-County High School
Wolcott, IN

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