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ECONOMICS - Coggle Diagram
ECONOMICS
Consumer Rights
Able to be repaired: means to put an item into good order that has been injured, damaged, or defective.
Acceptable Quality: means that the goods will be safe to use, and that they will be reasonably durable.
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Matches sample: Is a guarantee goods will match any sample or demonstration model shown to the consumer.
Markets
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Household Sector: is the sole buyer of goods and services and the sole supplier of factors of production
History of Market: It began around the late 18th century, after the Industrial Revolution.
Business Sector: is an area of the economy in which businesses share the same or related business activity, product, or service.
Business Opportunities
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Target Market Place: Is broadly categorized by age range, location, income, and lifestyle.
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Competition: A situation in a market in which businesses independently strive for the funding of buyers to achieve a particular business objective,
Consumer Responsibility
Research: need to know what other comparable products are on the market. With this information you have a chance to choose the best product and service for your needs.
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Treat Property Carefully: Products come with instructions, warnings and fine print. It is an important customer responsibility to read all literature that comes with the product or service you're buying.
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Services: These are activities that other individuals, companies, or government departments do for you.
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