CAFF226

Card Set Information

Author:
lan13bar
ID:
112016
Filename:
CAFF226
Updated:
2011-10-25 05:39:04
Tags:
consumer affairs
Folders:

Description:
Chapter 4
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  1. Wealth
    goods/services that promote the well-being of consumers.

    ex: education, health care, shelter, clothing, food
  2. Ilth
    goods/services that harm consumers

    ex: cocaine, prostitution, pornography, tobacco
  3. Nealth
    goods/services that have a neutral effect, neither helping nor harming the consumer.

    ex: mouthwash, chia pets, bumper stickers
  4. Economic Freedom
    consumers' implied right to choose the goods and services they want.
  5. Positive economic freedom of choice
    the right to consume anything one wishes, along with the purchasing power necessary to implement that right.
  6. Negative economic freedom of choice
    the lack of purchasing power to implement the right to consume anything an individual wishes
  7. Free Entry
    the freedom to enter or supply; the implied right of any individual to enter a business or profession and to choose or to reject a job
  8. Full Information
    the implied right of any individual to obtain essential information that allows intelligent choices in the market.
  9. Natural Restrictions
    The authority of nature restricts and determines consumer choice. Nature can be awesome and destructive. When a disaster takes place, suddenly the supply of goods and services in that area is limited. Remaining goods usually are divided equitably among the survivors, not by means of the price system but instead by rational authoritative control.

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