Economics Ch III
Terms
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- liabilities
- what you owe
- truth-in-packaging-act
- requires all packages to be clearly labeled listing all the ingredients and the weights
- collateral
- property pledged as security by a borrower to assure repayment of the loan to the lender
- producer sovereignty
- says producers make what they want and convince consumer through ads that they can't live happily w/o it
- credit rating
- rating of how a consumer pays his bills with info such as on time, late or past due
- consumer
- anyone who buys g or s for his own use
- Federal Trade Commission
- regulatory agency that takes monopolies to court and combats false and misleading advertising
- contract
- a binding agreement in writing between two or more persons
- insurance
- a means of sharing the risk of financial loss with others
- Add-on Interest
- interest is added to the principal and the total divided into monthly payments
- Ralph Nader
- a leading spokesman for consumer protection who said producers sovereignty reigns in America
- variable expenses
- expenses that do not remain the same
- mortgage loan
- a loan of money for which the item purchased is collateral for the loan
- deductible
- sum of money and insurance company requires the insured to pay before they will pay on a claim
- beneficiary
- person named to receive insurance benefits
- truth-in-lending-act
- requires the lender to disclose how much the borrower must pay in principal, interest and any extra charges
- APR
- annual percentage rate
- fair credit reporting act
- information on file with a credit agency must be up to date and accurate and if not you can require them to give you a copy of all wrong information
- consumer sovereignty
- producers supply what consumers demand
- principal (in credit)
- amount of money charged or borrowed
- comparison shopping
- comparing several articles of the same kind for the best quality, quantity, and price
- UPC
- universal product code
- prime grade
- highest quality in the meat
- assets
- what you own either liquid or nonliquid
- planned obsolescence
- the intentional changing of styles to create a new market
- budget
- written down plan for the money you expect to receive and the expenses you expect to have
- John Kenneth Galbraith
- also a leading US economist - producer sovereignty reigns and ppl in America are taught to spend more than we are taught to save
- unit pricing
- stating the price as so much per oz or lb etc
- net worth
- difference between assets and liabilities
- Eminent domain
- right of gov to take private property for public use
- Consumer Product Safety Commission
- est. by the Consumer Product Safety Act of 1972 and functions to protect the consumer against unreasonable risk or injury
- Credit Bureau
- privately owned business that collects credit info and sells it to banks, lending agencies, retail merchants, realtors
- fixed expenses
- amts that remain the same or about the same each month
- Better Business Bureau
- non profit businesses in cities made up of private business men who investigate unfair business
- principal (in savings)
- amount of money deposited in a savings account
- premium
- sum of money paid to an insurance company that pays for your insurance
- expiration date
- dates stamped on perishable items
- USDA
- sets food standards and inspects all meats
- impulse buying
- buying something just because it looks good at the time