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Read Chapters 1, 3 in the text,view the Power Points and the online resources in the content.
Define the following terms and give an example of each (2 pts. each for definition and 1 pt. each for example) 30 pointsOpportunity Cost—
Command economy—
Profit—
Impulse purchase—
Puffery—
Deceptive advertising—
Persuasive advertising—
Comparative advertising—
Bait and switch advertising—
Global warming—
II. Answer the following: (5 points each)
Why are brand products likely to be more expensive?
What is the difference between puffery and deceptive advertising?
What is the difference between your life span and your life cycle?
How is a market economy different from a command economy?
III. Using the information you have learned in this chapter answer the questions.
1. After seeing an advertisement offering to sell used cars at a very low interest rate, Ellen went to the local car dealership to purchase a used car. While looking at the used cars the salesperson continually promised her the advertised low interest rate. Ellen selected a car. As the forms for the sale were being prepared the salesperson informed her that the advertised low rate did NOT apply to the car she had chosen. (10 points)
a. Which deceptive and fraudulent practices were used on Ellen?
2. The Consumer Products Safety Commission has been active in dealing with baby crib safety. Give four of their safety guidelines for babies sleeping in cribs. This information may be founder under Safety Education on the website. (20)
a.
b.
c.
c,
3. Visit the government’s Consumer Complaint website at https://www.usa.gov/consumer-complaints (Links to an external site.) What steps can you take as a consumer to file a complaint against a company? __________________
4, Go to the the Federal Trade Commission website and research tips on how to avoid hassles in online shopping. List at least 3 tips below. (15 points)
a.
b.
c.
5. What is the first thing you should do to try to solve a complaint with a product you have purchased? (5 points)