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Chapter 3 Your Purchasing Power What Are Consumer Rights? Many laws protect consumers. • • • • • Consumer Bill of Rights Airline Passenger Rights Consumer Technology Bill of Rights Patients’ Bill of Rights Consumer Protection Laws o Examples: Food, Drug, and Cosmetic Act; Hazardous Substances Act; Cigarette Labeling and Advertising Act; Nutrition Labeling and Education Act; FERPA; HIPAA 3-4 Consumer Rights and Responsibilities Slide 2 Sources of Consumer Protection • Federal agencies o Examples: USDA, FDA, CPSC, FCC, FTC, FAA, SEC • State and local assistance • Private Organizations o Examples: BBB, National Consumers League, Consumers Union 3-4 Consumer Rights and Responsibilities Slide 3 How Are Consumers Defrauded? Deception involves false or misleading claims made about a product. • • • • • • • Bait and switch Fake sales Low-balling Pyramid schemes Ponzi schemes Pigeon drop Infomercials 3-4 Consumer Rights and Responsibilities Slide 4 How Are Consumers Defrauded? http://www.youtube.com/watch?v=9EQPrF R9KRo 3-4 Consumer Rights and Responsibilities Slide 5 How Can Consumers Protect Themselves from Fraud? • Shop smart • Be aware of prices • Understand sale terminology • Compute unit prices • Read labels • Check packages carefully • Read contracts • Keep receipts and warranties • Compute total cost • Research businesses 3-4 Consumer Rights and Responsibilities Slide 6