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The rights of a customer and the responsibilities of a supplier.

When you buy something from a shop, you are making a contract. But you want to make sure if this contract means that it's up to the shop to deal with your complaints if the goods are not satisfactory. The first thing that comes to your mind is that the goods must not be broken or damaged and must work properly. The second thing that you find important is that the goods must be as described - whether on the pack or by the salesman. It makes you understand the third principle: The goods should be fit for their purpose. This means the purpose for which most people buy those particular goods. If you wanted something for a special purpose, you must have said exactly what for.

Many people think that complaining about faulty goods or bad service is never easy. Most of them dislike making a fuss. However, when you are shopping, it is important to know your rights. You are quite sure that if the shop sells you faulty goods, it has broken its side of the bargain. And that is absolutely right. In this situation customer have the right to return the goods and have a complete refund.

At that time if the good is broken and it was your fault than seller shouldn’t return your money to you. That’ll be his right.

 

¹8. Income and Spending.

Income is the money a person receives in exchange for work or property. There are five basic types of income:

1. Employee compensation is the income earned by working for others. It includes wages and fringe benefits such as health and accident insurance.

2. Proprietor compensation is the income that self-employed people earn.

3. Corporation profit is the income corporations have left after paying all the expenses.

4. Interest is the money received by people and corporations for depositing their money in savings account or lending it to others.

5. Rent is income from allowing others to use one's property temporarily.

The total income is the sum of 5 basic types.

One other type of income is a transfer payment - money one person or group gives to another, though the receiver has not provided a specific good or service. For example it can be gifts, inheri­tances, and aid to the poor are three examples of transfer payments.

Now lets speak about work people. By the type of work people do workers fall into one of four broad categories.

1. White collar workers are people who do jobs in offices, for example as secretaries, teachers, and insurance agents.

2. Blue collar workers are people who do jobs in factories or outdoors.

3. Service workers provide services to other individuals or businesses.

4. Farmworkers are people who work on their own farms or those of others.

In the market system a person's income is determined by how the market values that person's resources and skills.

People do a big mistake when they say that income is same as wealth. Wealth is any resource that can be used to produce income. An individual's possessions, such as a house, a car, or a stereo, are part of that person's wealth. Each of these could be sold to produce income.



Now if we want to understand it we have to consider two women who receive an income of $25,000 a year. One earns all of her income working at a bank. The other receives her $25,000 income from dividends on stock worth $250,000. The second woman is much wealthier than the first women.

At the end of my presentation I have to say that spending becomes income for someone else.


Date: 2016-03-03; view: 1500


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