CXC CSEC Social Studies exam guide - Section C2: Consumer Affairs

CXC CSEC exam guide: Social Studies: Section C2: Consumer Affairs

CXC CSEC Social Studies Exam Guide: OPTIONS

Section C21: Consumer Affairs


The students should be able to:


Define and use correctly major terms and concepts associated with consumer affairs;

Explanation of the following terms and concepts related to consumer affairs:


(b) budgeting,

(c) saving,

(d) consumption,

(e) goods,

(f) services,

(g) demand,

(h) supply,

(i) income,

(j) disposable income,

(k) investment,

(l) bonds,

(m) ownership,

(n) pricing,

(o) marketing,

(p) thrift,

(q) credit union,

(r) black market,

(s) hire purchase,

(t) dumping,

(u) electronic transaction,

(v) e-commerce,

(w) securities,

(x) dividend,

(y) exchange rate,

(z) devaluation

(xx) inflation

2. Differentiate among the categories of consumers;

Categories of consumers:

(a) as individuals, groups and

(b) consumer of goods;

(c) consumer of services;

(d) consumer of credit:

(i) personal loans,

(ii) credit cards,

(iii) hire purchase


3. Assess the factors which influence consumer demand for goods and services;

Factors that influence demand:

(a) size of income;

(b) taste patterns;

(c) savings;

(d) credit facilities and

(e) fluctuations in supply;

(f) quality;

(g) pricing;

(h) access to information;

(i) advertising;

(j) consumer expectations;


Explain how consumers use modern technology to conduct transactions;

Use of modern technology in transactions:

(a) telebanking;

(b) ATM;

(c) E-commerce;

(d) Internet banking;

(e) debit and credit cards;

Benefits of the use of modern technology:

(a) security issues (reduced need
to carry cash);

(b) convenience: easy access to
goods and services, money
and financial records;

(c) time-saving;

(d) accessible 24 hours;

5. Evaluate the role of government and other agencies in protecting and educating consumers;

Forms of consumer protection:

(a) Government:

i. price control

ii. quality control (Bureau of

iii. fair trading practices (Fair Trading Commission)

iv. regulations governing imports, export and use of consumer goods;

v. consumer affairs division

vi. supervision of credit facilities;

vii. food and drug inspection(Food and Drugs Division).

(b) Consumer Groups and Organizations

(c) pressure groups

6. Describe ways in which consumers can protect themselves;

(a) The consumer being informed about:

i. types of exploitation in
relation to goods and


ii. use of modern technology;

iii. consumer rights and

iv. factors influencing
consumer decisions and the
extent of individual control;


Describe ways in which consumers can practice thrift in the Caribbean;

(a) Ways of practicing thrift:

(i) shopping wisely for goods and services;

(ii) use and care of possessions;

(iii) conservation and recycling;

(iv) budgeting.

(b) Benefits of thrift to:

(i) self

(ii) society


Explain reasons for and the benefits of saving;


(a) forms of saving,

(b) reasons for saving,

(c) benefits of saving to:

i. the individual,

ii. the country,

iii. the region.

9. Outline the benefits of credit unions to consumers in the region;

Benefits of credit unions to members:

(a) saving regularly;

(b) lower interest rates on loans;

(c) dividend on shares;

(d) financial counseling;

(e) easier access to loans;

(f) patronage refund;

(g) self discipline and self reliance;

(h) sense of ownership.

10. Develop strategies to deal with the effects of devaluation and inflation on consumers;

(a) Effects of devaluation and inflation:

i. higher prices of goods and services;

ii. higher prices and reduced purchasing power;

iii. lower standard of living;

iv. retrenchment.

(b) Strategies to deal with the

for example,

i. home gardening,

ii. self employment.


Evaluate the effects of globalization and trade liberalization on consumers;

Effects of globalization and trade liberalization:

a. cheaper goods and services;

b. wider choice of goods and services;

c. more widespread use of technology for transactions;

d. competition from developed countries for available markets.

Explain how consumers can contribute to the sustainable development of the region.

Consumers and sustainable development of the region:

a. awareness of integration objectives;

b. preference for local and regional goods and services;

c. investment in local and regional businesses;

d. conservation of the region's resources;

e. prudent use of foreign exchange;

f. creative ways of utilizing regional agricultural products;

e. consumption of products that contribute to a healthy lifestyle;

f. saving to provide capital for investment.

Section C3: Tourism


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