Commerce

A consumer is an individual who spends money for needs and wants, whether they are a product or service.

Goods are physical items you can hold, while services are things you pay for to have a positive experience, where someone else performs a task for you.

Durable goods are items that can be used multiple times.

Non-durable goods are items that can only be used once.

Land resources are naturally occurring resources, such as forests.

Labor is the physical and mental effort of people who are working.

Capital refers to goods used to make other goods.

Enterprise is the ability to combine other resources to make a profit.

Opportunity cost is what you have to give up to buy what you want, in terms of other goods or services.

Prices can vary based on factors like quality, and consumers often choose the cheaper option if the quality is the same.

Consumer decisions are influenced by age, customer service, gender, business marketing, price, convenience, social media, and more.

Consumers may buy locally to support local businesses or because it is more convenient.

Consumers may buy regionally to access a better quality product or service.

Consumers may buy nationally to find a higher quality product.

Consumers may buy globally to get the best possible product to suit their needs.

Advantages of online shopping include a wider range, cheaper prices for members, better quality products, and convenience.

Disadvantages of online shopping include shipping costs, potential scams, waiting for delivery, and difficulty in finding the correct size.

Cash is physical currency used for in-store purchases and is owned by the consumer.

A credit card provides access to bank funds up to a limit and can be used in-store and online.

A debit card allows spending from the consumer's own account for both online and in-store purchases.

PayPal links to a credit card for online purchases and is used primarily online.

Cash is quick and some stores only accept cash.

Coins can be heavy to carry in a wallet.

Credit cards allow upfront payment in-store quickly.

Credit cards use bank funds instead of the consumer's own money.

Debit cards use the consumer’s own money, giving them spending control.

Debit cards have a spending limit.

PayPal allows flexible payment schedules for purchases.

PayPal has high currency conversion fees.

Small in-store payments may prompt cash use, large in-store or online purchases may prompt debit or credit card use, and online payments often use PayPal.

A consumer should ask if they really need the product, research it, look at alternatives, and decide on payment.

Unconscionable conduct is behavior that is excessively harsh and goes against good conscience.

Consumers have the right to a refund if a product is of unacceptable quality.

Consumers have the right to a refund if the product labeling was misleading.

Referral selling is when a business persuades consumers to buy goods with the promise of commission for sales referrals.

False and misleading advertising tricks consumers into believing false claims about a product's value or quality.

Bait and switch advertising lures consumers with claims of low prices or quality products that turn out to be unavailable.

Unordered goods are items sent to consumers without request, and businesses cannot force consumers to buy them.

A special prize or offer scam asks for fees or personal information to claim a fake prize.

Get-rich-quick schemes are scams promising wealth quickly but often result in losses.

A pyramid scheme is a business model where participants earn by recruiting others rather than by selling products or services.

Scams often involve emails with suspicious links, promises of unique items, or unusual payment requests.

A contract is an agreement specifying certain rights and responsibilities for the parties involved.

A contract serves as a reliable record of the rights and responsibilities of the signatories.

The Australian Consumer Law is a law protecting consumer rights in Australia.

The four basic consumer rights are safe products, accurate product information, full disclosure of sale terms, and guarantees/honored warranties.

Consumer law prohibits businesses from using physical force, coercion, or harassment against consumers.

Consumers are entitled to products or services that are safe, functional, and match their description.