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5.5 Consumer Protection . Objective: Demonstrate how to be a responsible consumer in the 21 st century . Warm – Up: . What is a Consumer? How do we protect consumers? . I. Consumer Protection & Rights . A. Consumer : someone who buys a product or service

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5 5 consumer protection

5.5 Consumer Protection

Objective: Demonstrate how to be a responsible consumer in the 21st century

warm up
Warm – Up:
  • What is a Consumer?
  • How do we protect consumers?
i consumer protection rights
I. Consumer Protection & Rights
  • A. Consumer: someone who buys a product or service
  • B. Consumer Protection: movement backed up by laws and organizations designed to ensure the rights of a consumer
c rights of the consumer
C. Rights of the Consumer
  • You have a right to…
  • 1. Safety: protection from goods/ services that are hazardous to health
  • 2. Be Informed: protection from misleading information, advertising or labeling

3. Choose: providing a selection of goods/services at fair prices

  • 4. Be Heard: Provides you the opportunity to be a voice in the creation & development of goods/services
  • 5. Redress: Request money or other benefits as compensation for a company’s mistake
ii consumer protection agencies
II. Consumer Protection Agencies
  • A. There are many federal agencies that help consumers file complaints against businesses, be smarter shoppers and understand credit
  • B. Better Business Bureau (BBB) – use this agency to learn about a business and how they treat consumers
  • 1. Sets standards for ethical business behaviors
  • 2. Helps consumers identify trustworthy businesses and those that aren’t
  • 3. Evaluates advertisements to ensure we can trust what companies say

C. Federal Trade commission (FTC) –designed to protect consumers and promote competition

  • 1. Organizes National Do Not Call List –registering your name to be removed from telemarketers call lists
  • 2. The Fair Credit Reporting Act – provides that you must be given with a copy of you credit report if requested
  • 3. Prevents anti-business practices like monopolies (when a business has complete control of a good/service)

D. Securities and Exchange Commission (SEC) –protects investors who are purchasing stocks, bonds and other financial assets

  • 1. requires companies to provide consumer with reports of how the co. is doing
  • 2. Maintains a database EDGAR (Electronic Data Gathering, Analysis and Retrieval system)that allows investors to see the information the SEC collects
iii how to protect yourself
III. How to Protect Yourself
  • A. Register on Do Not Call List
  • B. Read the Fine Print of any offer/deal/ad
  • C. Find Trusted Companies through the BBB and other sources
d for more information check out
D. For more information check out…
  • 1. North American Securities Administrative Association – protects investors in the US, Canada and Mexico
  • 2. FBI Common Fraud Schemes – provides consumers with a list of fraudulent businesses practices
  • 3. Internet Crime Complaint Center – where consumers submit complaints regarding internet scams
socratic seminar consumer credit protection
Socratic Seminar - Consumer Credit Protection
  • You will be using the information from the articles on Consumer Credit Protection and Student Loans that you read over the weekend
  • You and your classmates will be having an open discussion about your thoughts on these two readings and what you learned
  • To keep your points you must contribute to the discussion in a professional manner. This means: You must have your printed documents. You must speak. You must wait to be called on. You must respect your classmates opinions.
  • I will keep track of who speaks, prompt you with points for discussion and call on students to speak