Consumer Law and Economics: Key Concepts and Definitions, Quizzes of Production and Operations Management

Download Consumer Law and Economics: Key Concepts and Definitions and more Quizzes Production and Operations Management in PDF only on Docsity! TERM 1 Consumer Law DEFINITION 1 regulation of relationships between individual consumers and businesses selling goods/services TERM 2 "Do Not Call" Registry DEFINITION 2 stops almost all telemarketing calls; good for five years; may receive calls from companies if "established business relationship"; fines for persistent unwanted calls to those on registry up to $11,000 per call TERM 3 Slamming DEFINITION 3 switching consumers long distance company without permission; ilelgal, takes 30 days to stop paying charges after service is illegally switched; if business continues bililng you you are entitled to a refund TERM 4 Cooling-Off Laws DEFINITION 4 permit consumers to reconsider signing a contract -penalty free cancellation of any agreement within 3 to 15 days - receive notification of right in writing from seller TERM 5 Airline Travel Rights DEFINITION 5 Price drop: ask for credit of difference between fare paid and lower fare -airline has right to cancel reservation and give refund if you are late -Airline Bill of RIghts: passengers cannot sit on the tarmack for more than 3 hours without moving, have to provide food and water within 2 hours TERM 6 Delayed Luggage DEFINITION 6 delivered ASAP, no compensation generally, no government regulations, cash vouchers for miscellaneous expenses TERM 7 Lost Luggage DEFINITION 7 Max liability of $1,250 on domestic flights, $1,850 on international flights TERM 8 Laws on Privacy DEFINITION 8 give consumers right to access and correct information; vary from state to state TERM 9 Internet Privacy DEFINITION 9 cookies: used to track internet users profiling: linking personal information with URLs visited data logging: programs and operating systems log data spokeo: compiles public information on you TERM 10 Gramm-Leach-Bliley Act DEFINITION 10 financial companies can provide your personal financial information to third party non-affiliate service providers; must inform you in privacy policy, must allow you to opt out TERM 21 Level DEFINITION 21 actual situation that has been achieved and is being experienced TERM 22 Government Monetary Policies DEFINITION 22 Attempt to manage supply of money and credit -Maximize employment -Stabilize prices - maintain moderate long term interest rates TERM 23 Inequality in the U.S DEFINITION 23 about 36 million americans in poverty (12.5 %) -wealthiest 1% of US households owns nearly 40 % of nations wealth - top 20% of wealthy taxpaayers hold more than 80% of wealth TERM 24 Market DEFINITION 24 organized situation in which buyers and sellers register individual economic demands and make decisions to buy and sell TERM 25 Economic Voting DEFINITION 25 spending or not spending in the market - "voting with your dollars" TERM 26 Market Price DEFINITION 26 what a willing and able buyer is willing to pay a willing seller TERM 27 Demand DEFINITION 27 willingness and ability of consumers to spend money on certain products and services -Curve slopes downward and to the right - based on market price and substituability TERM 28 Price of Elasticity of Demand DEFINITION 28 measures consumer responsiveness to a change in price TERM 29 Elastic DEFINITION 29 demand for some products is relatively responsive to price changes TERM 30 Inelastic DEFINITION 30 changes result in only modest changes in demand (things we need) TERM 31 Supply DEFINITION 31 amount of product a producer is willing to provide for sale at each specific price during some specific time period -direct relationship between supply and prices -curve slopes downward and to the left -based on substitutability and other factors TERM 32 Market equilibrium DEFINITION 32 ideal where price meets supply, no shortage or excess supply TERM 33 Opportunity Cost DEFINITION 33 most valuable alternative that must be sacrificed to satisfy a want TERM 34 Marginal Cost DEFINITION 34 additional cost of something compared to the additonal value received TERM 35 Marginal Utility DEFINITION 35 extra utility obtained from one additional unit of a specific product or service