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EPF.8b Identify the role the govt plays in providing legal structure to protect property rights and enforce contracts EPF.10e Describe common types of contracts and implications of each EPF.10g Maintain a filing system for personal financial records EPF.10j Explain consumer rights, responsibilities, remedies, and the importance of consumer vigilance EPF.10k Examine precautions for protecting identity and other personal info
•An important economic role for govt is to define, establishand reinforce property rights.•Markets do not allocate resources effectively if propertyrights are not clearly defined or reinforced.•A property right to a good or serve includes the right toexclude others from using a good or service and the right totransfer the ownership or the use of the resource to others.
Property rights give people the right to use their possessions as they choose (within the limits of the law). Property rights, contract enforcement, standards for weights and measures, and liability rules affect incentives for people to produce and exchange goods and services.
Without property rights there would be little incentive to invest. People invest in what they own because they expect to earn a return on that investment. So, for example, many people landscape the lawns of homes they own, but few landscape a home they are renting. People would have less confidence in contracts if there were no guarantee of enforcement. Thus people would be less willing to trust contracts to buy, sell, or invest. This would reduce economic activity.
The government enforcement of weights and measures assures consumers that when they buy ten gallons of gas, they are actually getting ten gallons.
A contract is a legal agreement enforceable by law.
Examples of contracts include movie rental memberships property rentals cell phone agreements online contracts (e.g., for networking space, cell phone ringtones) payday loans title loans rent-to-own agreements.There are legal consequences for failure to comply with contract requirements.Implications and related concepts include : three-day rescission period circumstances requiring co-signatures legal ramifications of adults (e.g., roommates) sharing financial responsibilities involving a contract.
Individuals should set up andmaintain a filing system.
A well maintained filing system gives one access to personal records when needed. A well maintained filing system includes ease of storage retrieval and shredding of documents.
Manual and electronic are the primary types of filing systems. Systems can have numeric, chronological, and/or tickler access.
Consumers have rights, responsibilities, and remedies.Consumers have a responsibility to be vigilant.The Federal Reserve System, often called the Fed, is thecentral bank of the United States. The Federal ReserveSystem has a number of consumer protectionresponsibilities and activities.
Consumers have the right to be informed to be safe to choose to be heard to have avenues for redress of consumer grievances (e.g., state and federal agencies, consumer protection laws, private groups such as Common Cause and Better Business Bureau).
Consumer responsibilities include verifying receipts and statements contesting an incorrect bill maintaining consumer vigilance safeguarding against fraud.
Remedies should include maintaining awareness of the rights and responsibilities of minors contesting an incorrect bill registering a consumer complaint.
Consumer Product Safety Act Federal Trade Commissions Act Pure Food and Drug Act National Do Not Call Registry Fair Credit Reporting Act Fair Debt Collecting Practices Act Truth in Lending Act
The Consumer Compliance function of the Federal Reserve System writes consumer protection regulations for the financial industry. It enforces consumer protection and civil rights laws and regulations at the banks the Federal Reserve System supervises. The Community Affairs function of the Federal Reserve System promotes fair and impartial access to credit. The Federal Reserve System also supports consumer protection by providing a variety of information and educational resources.
Consumer skills include comprehending and using: consumer protection laws, such as those related to product recalls and product labeling government agencies responsible for enforcing consumer protection laws private groups that work for consumer protection
There are various types of identity theft and methodsfor avoiding becoming a victim.
Types of identity theft change regularly. Consumers must be aware of current methods and how to protect their identity.
Ways to avoid becoming a victim may include safeguarding financial documents refusing to give personal information to phone or e- mail solicitations shredding documents that contain personal information using secure Internet sites being aware of surroundings when making financial transactions immediately reporting theft or loss of identification, checks, credit cards, and personal financial documents and data checking financial statements regularly.