Consumer Protection: An Overview of U.S. Laws and Agencies, Quizzes of Humanities

Download Consumer Protection: An Overview of U.S. Laws and Agencies and more Quizzes Humanities in PDF only on Docsity! TERM 1 Consumer Protection: Federal DEFINITION 1 U.S. Legislative Branch, Consumer protection laws passed TERM 2 Consumer Protection: State DEFINITION 2 Consumer protection bureaus, Illinois State Attorney Generals Office TERM 3 Consumer Protection: County/Municipal DEFINITION 3 Consumer affairs offices/private groups, e.g. Better Business Bureau (BBB) Know for exam! TERM 4 Sherman Antitrust Law DEFINITION 4 1890- Sherman Anti-trust Act, First law passed by Congress to dissolve trusts, Trusts were set up by major companies all stocks controlled by a few larger companies, Destroyed competition, Did not allow for fair competition amongst smaller businesses, Protect against monopolies, Standard Oil Trust - Controlled over 90% of oil industry... Problem? Consumers were forced to buy at their prices (Tobacco, sugar, railroad, steel, meatpacking industries also involved) TERM 5 Clayton Antitrust Law DEFINITION 5 Definition TERM 6 Pure Food and Drug Act DEFINITION 6 1938: Manufacturers responsible for proving drug is safe, foods were of quality, Last significant federal law until 60s TERM 7 Meat Inspection Act DEFINITION 7 1906: provides for inspection of meat TERM 8 Consumer Redress DEFINITION 8 As businesses became bigger, the consumer felt smaller, Expressed need for government protection, caveat emptor was the general rule, Consumer redress consumer rights to protection after the fact TERM 9 Federal Laws Passed Because.. DEFINITION 9 1900-1918:Politicians, writers, journalists - Upton Sinclair- The Jungle, "Muckrackers" fighting against corruption.. Efforts= 1st federal consumer protect laws - 1906: 1) Pure Food and Drug Act 2) Meat Inspection Act... 1914- FTC formed - against unfair competition, advertising practices TERM 10 Kennedy DEFINITION 10 Rights: 1) safety 2) be informed 3) choose 4) be heard... Others added later: Decent environment, consumer education and reasonable redress TERM 21 investment DEFINITION 21 Giving up something of value (money, time, etc.) in order to get something of greater value later TERM 22 foregone income DEFINITION 22 acquire more education as long as expected benefits at least cover costs, Total cost: tuition, books, foregone income... Best reasons: 1) options for higher-paying, higher-status jobs 2) more flexibility in job market TERM 23 Outlook Occupational Handbook DEFINITION 23 tells you: the training and education needed , earnings , expected job prospects , what workers do on the job working conditions , In addition, the Handbook gives you job search tips, links to information about the job market in each State, and more. TERM 24 Occupational Wage Differential DEFINITION 24 Lower at entry level, peak between 45-55, slowly decline towards retirement.. HOWEVER, for the past two decades, people are staying in the workforce longer, younger people are delaying career entry.. Why are people retiring later and later? - Recoup losses from investments for retirement - Older people are healthier - Recession and concerns TERM 25 Workplace Stats DEFINITION 25 Adults who have delayed retirement due to the recession (62 & older): 38% Fewer younger workerswhy? - Need education, but recession makes paying for one difficult... Why do you suppose more elderly women feel the need to continue working? - women tend to live longer than men, will need additional income for more years... 54% of workers over 65 say they are satisfied with their jobs - Only 29% of those under 65 are satisfied... Any guesses as to the one occupation that has the highest % of satisfied workers? - salon workers TERM 26 Women in the Workforce DEFINITION 26 3 of 4 adult women have jobs, 70% mothers are in the labor force, Necessity for most families - Gender divide: 27% of women say they dont work because of family responsibilities, 3% of men say that TERM 27 Baby Boomers Effects DEFINITION 27 Why are people retiring later and later? - Recoup losses from investments for retirement, Older people are healthier, likely to live longer, Jobs now are not as physically demanding as in the past, Recession and cost of living concerns.... By 2016, 22.7% of the labor force will be 55 and older, according to the Bureau of Labor Statistics.... From 2006 through 2016, such workers will have increased by 11.9 million. TERM 28 money income DEFINITION 28 money you spend, pay check TERM 29 psychic income DEFINITION 29 satisfaction derived from choice of work... ex) doctor: internal - save lives, pride... external - money, title TERM 30 non-money income DEFINITION 30 goods you make at home, help from family members, using skills for help TERM 31 inflation DEFINITION 31 sustained rise in weighted average of all prices... real values - dollar values adjusted for inflation, cant be based on real dollar amounts, must consider what a dollar can buy you now in comparison to the past, prices inflated, too many dollars chasing too few goods, think of it % wise(past people made less money) TERM 32 recession DEFINITION 32 Has to do with reduced activity of the business cycle, or reduction of activity in employment, investment, and corporate profits, Widespread reduction in the GDP (Gross Domestic Product) the overall nations economic output from within its borders; correlated to standard of living Slowdown in the economic activity over time Lasts over time; 6 months-year... If sustained, could result in DEPRESSION... All of these fall: Employment, Investment spending, Household, incomes, Business profits, Bankruptcies, mortgage foreclosures increase TERM 33 depression DEFINITION 33 Any economic downturn in the economy that lasts for a long period of time, Term used for these periods prior to 1930s, A recession that lasts longer and has larger decline in business, effecting a majority of citizens TERM 34 Consumer Price Index(CPI) DEFINITION 34 "typical market basket of goods and services - a price index based on a fixed representative market basket of about 4 hundred goods and services purchased in 85 urban areas.. 400 products, including: (FAQ section, BLS site) FOOD AND BEVERAGES , HOUSING, APPAREL, TRANSPORTATION, MEDICAL CARE, RECREATION, EDUCATION AND COMMUNICATION, OTHER GOODS AND SERVICES TERM 35 Gross Domestic Product(GDP) DEFINITION 35 the market value of everything produced within a country, its as we say on our FactCheckED.org site, "the total market value of goods and services produced within the borders of a country, regardless of the nationality of those who produce them TERM 46 Variable/Flexible Expenses DEFINITION 46 consumer has some control, can be changed short term Ex) cell phone bill, gas prices, groceries, credit card TERM 47 discretionary expenses DEFINITION 47 dining out, recreation/clubs, hobbies, gifts TERM 48 net income DEFINITION 48 money you get that you actually spend TERM 49 gross income DEFINITION 49 paper, but moneys taken out still TERM 50 budgeting advice DEFINITION 50 Paying off debts? Start with highest interest rate first and work down, Use checks or debit cards instead of credit cards, Budget reasonable amounts, Use lists and prioritize, Always think about next month, next year, Save all receipts to prevent holding on to items you buy but cannot or will not use TERM 51 Credit Counseling and Credit Reporting DEFINITION 51 Will using a credit counselor hurt your credit report? - Most creditors are more happy if you seek help in paying your debt to them, rather than ignore the debt, Avoid credit counselors on websites that charge you an unreasonable fee for items you can get yourself on the Internet How can credit counseling help me? - Reduced interest charges, Consolidate your debt to manageable payment schedule, Talk to creditors and negotiate for you TERM 52 Sinclair DEFINITION 52 author of The Jungle, which altered the general public to the fact that consumer protection meant more than making sure that accurate info was being provided at the point of sale.. response: groups began seeking some form of "consmer protection" in the processing of products before they arrived at the marketplace... evntually the government reacted by the Pure Food and Drug Act and the Meat Inspection Act TERM 53 Nader DEFINITION 53 rekindled consumer interest in consumer protection because of him, book: Unsafe at Any Spped focused on public attention on the issue of car safety