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

 

 

SPECIFIC OBJECTIVES

The students should be able to:

CONTENT
UNIFYING CONCEPTS
1.

Define and use correctly major terms and concepts associated with 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

 

 
2. Differentiate among the categories of consumers;

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

 

 
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
    conditions;

(e) fluctuations in supply;

(f) quality;

(g) pricing;

(h) access to information;

(i) advertising;

(j) consumer expectations;

 
4.

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
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

 

 
6. Describe ways in which consumers can protect themselves;

(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;

 
7.

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

 

 
8.

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.

 

 

 
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
effects:

for example,

     i. home gardening,

    ii. self employment.

 

 
11.

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.

 

 
12.
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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