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

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

(a)consumer,

(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

Categories of consumers:

(a) as individuals, groups and
institutions;

(b) consumer of goods;

(c) consumer of services;

(d) consumer of credit:

(i) personal loans,

(ii) credit cards,

(iii) hire purchase

(iv)mortgages

Factors that influence demand:

(a) size of income;

(b) taste patterns;

(c) savings;

(d) credit facilities and
conditions;

(e) fluctuations in supply;

(f) quality;

(g) pricing;

(h) access to information;

(i) advertising;

(j) consumer expectations;

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;

Forms of consumer protection:

(a) Government:

i. price control

ii. quality control (Bureau of
Standards)

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

(a) The consumer being informed about:

i. types of exploitation in
relation to goods and

services

ii. use of modern technology;

iii. consumer rights and
responsibilities;

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

(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;

Saving:

(a) forms of saving,

(b) reasons for saving,

(c) benefits of saving to:

i. the individual,

ii. the country,

iii. 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.

(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
effects:

for example,

i. home gardening,

ii. self employment.

Section C3: Tourism