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The Power of Consumers

List last five things you have purchased in your notes…..

Share…..

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The Power of Consumers

What is a consumer?Someone that uses goods and services

Examples of consumers:ParentsBusinessesStudentsOthers?

What are they all doing? Using the product, and often the ones who buy / purchase the good (product) or service (non-product).

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Consumers Have Power !!!

How?

Examples?

What you buy effects what stores sell!Example:

Big jeans worn on hips resulted in low rise jeans.Starbucks coffee on every corner influenced by demand and amount of purchases.HDTV – supply is increasing to meet demand, $$ decreasing because of lower cost due to economies of scale

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The Power of Consumers

Goods:The physical objects that are produced

Tangible, can be touched

Services: Actions that are performed for someone.

No physical product constructed

Marketplace:The world of commercial activity where goods and services are bought and sold; "without competition there would be no market"

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The Power of Consumers

Effective Consumers:

Set Goals – They decided what they want and how they can best carry out a plan. They know their priorities and plan for their career.

Think Critically – They make decisions based on careful consideration of alternatives and their possible outcomes. They avoid acting on impulse.

Do Their RESEARCH – They read, observe, and ask questions about the many options available to them. They compare prices, quality, features, and customer service policies.

Manage Everyday Finances – They handle their income, expenses, taxes, banking, and credit in a responsible way.

Plan for Financial Security – They set up plans for savings, investing, and insurance; calling upon professionals for help!

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The Power of Consumers

Technology

Have you ever used it for purchases?

Internet shopping.EBayStoresOutlets

Research on products.Consumer Reports

Internet access and magazines

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1.2 Consumers’ Rights – Your rights!!

Consumer Advocate – people or organizations who work on behalf of consumers. They work to investigate business practices, expose unfair or dangerous situations, and encourage the passage of laws protecting consumers. Here are a few:

Harvey Wiley – a medical doctor , proved that adding certain chemicals to foods and drugs was dangerous. His campaign against mislabeled foods and drugs led to the passage of the Food and Drug Act of 1906.

Upton Sinclair – published The Jungle in 1906. This novel exposed the filthy conditions in meat packing plants (gross), leading to the passage of the Meat Inspection Act of 1906.

Continued….

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1.2 Consumers’ Rights – Your rights!!

Stewart Chase and F. J. Schlink – published Your Money’s Worth in 1927, a book demonstrating how misleading advertising affects consumers.

Rachel Carson – published Silent Spring, a book the revealed the damaging effects of insecticides and pesticides on songbird populations, in 1962. Her work inspired many environmental laws.

Ralph Nader - Highway research, took unsafe cars off the road, seatbelts, speed limits, moved engines to front of car. Published: “Unsafe at any Speed” in 1965 demonstrating that many highway deaths are caused by defects in cars. Inspiring laws on highway safety and car manufacturing.

Sooooooooooooo what are your rights!?

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1.2 Consumers’ Rights – Your rights!!

Rights and Responsibilities worksheet!

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1.2 Consumers’ Rights – Your rights!!CONSUMER RIGHTS CONSUMER RESPONSIBILITIES

Rights to Safety – Consumers should be protected against products that are hazardous to health or life

Responsibility to use products safely - Consumers should use products as they were meant to be used.

Right to be informed – Consumers sho8uld be protected against dishonest advertising, labeling, or sales practices. The should be given the facts needed to make informed choices.

Responsibility to use information – Consumers should look for information about products they plan to buy and use it to compare and evaluate different brands and models.

Right to Choose – Consumers should be assured access to a variety of goods and services at competitive prices.

Responsibility to choose carefully – Consumers should use their buying power to intelligently to encourage ethical business practices, and safe, reliable products.

Right to be heard – Consumers should know that their interests will be considered in making of the laws.

Responsibility to speak up – Consumers should let public officials know their opinions about consumer issues.

Right to redress – Consumers are entitles to swift and fair remedies for wrongs that are done.

Responsibility to seek redress – Consumers should peruse remedies when products and services do not meet expectations.

Right to consumer education – Consumers should have the opportunity to learn how to be effective consumers.

Responsibility to learn – consumers should take advantage of every opportunity to develop consumer skills.

Right to service – Consumers have the right to expect convenience, courtesy, and responsiveness from businesses.

Responsibility to reward good service – Consumers should be courteous and responsive to businesses in return. They should show their appreciate for a good service by patronizing businesses that provide it.