consumer Junior cert revision

Term Definition
Consumer A person who purchases goods for their own use
Retailer A person who buys and sells goods
impulse buying Buying on the spur of the moment without thinking
Warranty An extended period of time given by the manufacture to seek redress if anything goes wrong with the product
Cavet Emptor Let the buyer beware – if it looks too good to be then it probably is
Sale of Goods and Supply of Services Act 1980 Goods must be of merchantable quality, fit for purpose and as described
Forms of redress Repair, refund, replacement
Small Claims Court No solicitors, small fee of ˆ25, decisions made on the day, claims up to ˆ2,000
Loss Leader Selling a popular product below cost price to entice in customers
False Economy Buying something that you think is cheaper but in the lng term turn out to be dearer
Opportunity Cost The item you don't choose when you don't have the resources to buy both.

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