Lecture Notes for AHRM 2404 - Consumer Rights with Fisher at Virginia Tech (VT)

Notes Information

Material Type:Outline
Class:AHRM 2404 - Consumer Rights
Subject:Apparel, Housing, & Resour Mgt
University:Virginia Polytechnic Institute And State University
Term:Fall 2007
  • Affirmative Disclosure
  • Consumer Law
  • Cease and Desist Order
  • Level of Living
  • Adulterated
  • Consumer Product
  • Specific Powers
  • First World
  • Quasi-Judicial
  • Consumer Reports
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Sample Document Text

Chapter 6: The Capitalistic American Marketplace Economic System - Organization for the production and distribution of goods and services o What kinds o How produced o How much o For whom Central Economic Problem - How to satisfy unlimited wants with unlimited resources (scarcity) Types of Economics - Positive Economics o What is o What happened in the past o What we expect to happen in the future - Normative Economics o What should be Two Types of Economic Systems - Socialism - Capitalism Socialism - Producers o Have political power (government) o Produce and distribute goods - Government owns more resources - Centralized economic decision making (Sweden, China, North Vietnam, North Korea) Critics of Socialism - Reduced prosperity - Reduced incentives for workers - Slow technological advance Capitalism - Economic system o Open competition in a free market o Means of production and distribution are privately or corporately owned o Investments, distribution, income, production, and pricing of goods and service...

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