Business Government

Consumerism is a term that describes a society in which people define their identities by acquiring and displaying material goods beyond what they need for subsistence.

Enlightenment led to the rise of the idea that human beings are ends in themselves.

According to historian Gary Cross,consumerism expresses a less powerful worldview than political ideologies.

Economist Thorstein Veblen argued that in the new industrial society,people earned their status by conquest in warfare.

According to critics of consumerism,it makes people judge other people for their external possessions rather than their interior qualities.

Laws that prohibit retail stores from being open for business on Sundays are called blue laws.

In the United States,the Progressive movement was the first movement to protect the consumers.

The Food and Drug Administration has the authority to regulate the quality,safety,and labeling of poultry,meat,eggs,and alcoholic beverages.

In 2009,Congress gave the Food and Drug Administration the power to regulate cigarettes and smokeless tobacco.

The president nominates two out of the five commissioners of the Federal Trade Commission.

Director interlock refers to a situation that arises when an individual sits on the board of directors of two or more corporations.

The Consumer Product Safety Commission has the power to ban the sales of products that expose consumers to unreasonable risks.

The Environmental Protection Agency sets drinking water standards and also regulates bottled water.

A tort is a private wrong committed by one person against another person or his/her property.

A tort solely involves an intentional action that causes injury.

The principle of caveat emptor imposes on buyers the responsibility to inspect carefully and skeptically items they purchase.

A warranty is a contract in which the seller guarantees the nature of the product.

A manufacturer or seller can be held liable for a breach of express warranty but not implied warranty.

An implied warranty is a written warranty arising out of reasonable expectations that a product will both fulfill its ordinary purpose and fulfill the particular purpose of the buyer.

The key to strict liability is that the injured person must prove negligence or breach of warranty to prevail in court.