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What constitutes a positive economic freedom of choice?
- Possessing the right to consume anything one wishes.
- Possessing the purchasing power necessary to implement that right.
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Economic Freedom
Consumer's implied right to choose the goods and services they want.
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Which type of goods and services promote the well-being of consumers?
wealth
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Conditions that are necessary for Freedom of Choice
- Free entry
- Full information
- A price system
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In a free-enterprise, free choice economy, what regulated the volume and content of production?
Price system
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What are examples of a nealth good?
Bumper stickers, mouthwash
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____________ refers to the implied right of any individual to obtain essential data in order to make intelligent choices in the market.
Full information
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The goal of a responsible government is to __________________.
the greatest good for the greatest number of ppl.
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False
Habits sometimes limit freedom
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An advantage that an authoritarian-controlled economy may have over a free-choice economy is that the former has ____________.
Less waste
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What is a government fiscal policy?
Example is a tax increase
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Uninformed consumer choice is not really __________ choice.
free
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Compulsory public education is a prime example of ___________ in this nation.
social restriction
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The economy that has developed in the United States is best described as _________.
mixed
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Complete or partial monopolies are permitted in the public utility fields because ________________________.
one company can do it more economicly.
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A payment made from one physician to another for the referral of a patient.
Fee splitting
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A car salesperson offers Bob an attractive trade-in price for his used car, but Bob needs to purchase some expensive fancy accessories for the new car. This is an example of ___________.
high balling.
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A deceptive sales practice whereby the salesperson adds unordered products or services to the final price.
Bushing
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The Franchise and Business Opportunities Rule is administered by the _________.
FTC
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The National Institute Automotive Servic Excellence is an independent, nonprofit organization that __________________.
certifies auto mechanics.
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_________ and fraud are possible outcomes of pursuit of self-interest and profit.
Deception
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A key measure of any charitable solicitation is _______________.
percent of money that benefits the people you want it to.
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________ helps to protect traditional laissez-faire economic doctrine from fraud.
Competition
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One reason health quackery is profitable is __________.
people can't distinguish
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Some suggest the number one rip-off of the consumer is caused by ___________.
lack of competition (industry concentration)
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The practice of including unordered accessories with the purchase of an automobile.
Bushing
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An organization that rates major charities.
National Charities Info Bereau and BBB
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The best remedy for fraud is ________.
prevention
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Fraud exists because ______________.
consumers are gullible.
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Defrauding older persons is commonplace. Two Scams that are most common:
- Pigeon Drop
- Bank Examiners Scheme
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What does not describe an Interent fraud issue?
Pigeon drop
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________ occurs when a dealer offers a high trade-in but charges high prices for extras on the new car, reducing the advantage to the consumer.
High balling
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An independent automobile service center:
- is a private repair shop
- is owned by one or several mechanics
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A publication that lists the suggested time that a specific repair should require.
Flate Rate
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Paralegal
A person who is trained in law, but is not a lawyer.
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The overall selection process by the consumer for an automoblie mechanic service should include:
- getting recommendations from friends and relatives
- determining the mechanic's competency
- asking for diagnosis based on the consumer's view of the problem
- having a work order
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A type of fee that is determined on a percentage basis; the attorney receives a predetermined portion of the amount of money awarded to the client.
Contingency fee
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A simple legal service is usually based on a _______________.
specific job fee
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A person who is trained in law and can legally perform specific tasks under the direction of a practicing attorney.
Paralegal
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Many nursing homes limit or simply will not take __________.
medicaid residents
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There are basically how many types of nursing homes?
3
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___________ usually includes room and board services but minimal assistance for personal living and health needs.
Custodial care
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A nursing home that offers extensive personal living and health care services in addition to room and board services is known as ___________.
Skilled nursing care
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A financial planner is a professional whose main objective is to ____________.
manage client's assets.
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A financial counselor is also nown as ______________.
debt managers
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__________ includes all the securities and related assets owned by an investor.
Portfolio
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What points should you consider when selecting automotive repair services?
- Recommendations
- Costs
- Compentency
- Diagnosis
- Accustomed
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A custom is the tendency __________________.
of a group to consume according to a fixed pattern.
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The introduction of high definition television is an example of __________ of quality.
obsolencence.
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The lack of exposure to new ideas or practices of specific groups.
Isolation
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Sellers have eliminated or weakend many customs through ___________.
advertising
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Reasons Customs Continue
- Inertia
- Insitutionalism
- Stratification
- Isolation
- Illiteracy
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In consumer economics, the tendency on the part of a group to consume according to a fixed pattern is called ___________.
custom
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_________ means to put people into different income categories.
Stratification
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A ceremony is __________.
- an elaborate way of satisfying important emotional needs
- a formal series of acts prescibed by ritual, protocol, or convention.
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The policing of the funeral industry is controlled by ___________.
state boards
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Characteristics of the Funeral Industry
- Service industry
- Local market
- Usually a monopoly or an oligopoly
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When a high-pressure sales tactic is used by the funeral director to persuade the buyer to purchase a higher price funeral, it is known as ___________.
resistance lane
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The major function of a memorial soceity is to provide ___________.
low costs
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A ________ is an agreement between the consumer and the funeral director whereby a specified amoutn is agreed upon in advance for the consumer's own funeral.
pre-need contract
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An example of additional charges paid for by the funeral provider on behalf of the consumer.
Obituary notices
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Mother's Day is an occasion that has been celebrated in this nation since ________________.
the 20th century
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The cost of a funeral is normally determined by __________________.
what the local market will bare
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Which group in the diffusion of innovation adopts a product last?
Laggards
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The problem with state boards of funeral directory is that ____________________.
only licensed funeral directors can be on the boards.
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Resistance lane in the funeral industry refers to _____________.
displaying caskets by quality.
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When a family chooses cremation, the funeral director often tries to convince the family that the funeral service would be the same up to the point of cremation. This is done in order to ___________.
offset the loss of revenue from simple cremation services.
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