Mgtm 1302 Week 5 Consumer Protection

Higher costs of medical care potentially lead to lower injury costs, likely due to improved prevention and treatment.

Costs associated with preventing injuries, including design, manufacturing, and marketing safety features, and user education.

The optimal number of injuries prevented, considering the costs of preventing versus treating injuries.

Manufacturers have a responsibility to uphold promises in sales contracts, provide accurate product information, not misrepresent the product, and not coerce customers.

Companies have a responsibility to the customer, prioritizing consumer safety given the customer's relative vulnerability.

Companies must consider the broader social impact and pay costs related to any harm their product might cause.

The manufacturer is legally responsible for the quality and safety of their products

A landmark court case that broadened manufacturer liability for defective products and injury.

Laws designed to safeguard the rights of consumers, ensuring fair market practices and consumer safety.

Fundamental rights enjoyed by consumers to ensure fairness in the marketplace. Examples include the right to be heard, the right to privacy, and the right to safety.

A Singaporean law that took effect in 2004 to protect consumers from unfair business practices. It offers consumers the right to seek civil redress against suppliers who engage in unfair practices.

A law that protects consumers from defective products, giving them the right to request repair, replacement, price reduction, or cancellation of the contract for non-conforming goods.

Laws and regulations that protect consumers in financial transactions, safeguarding them from unfair practices and ensuring transparency in financial services.

Organizations that help resolve disputes between consumers and businesses. They often provide mediation services to find a mutually agreeable solution.

A not-for-profit organization in Singapore that provides dispute resolution services for financial products and services. It helps consumers resolve disagreements with financial institutions.

The central bank of Singapore, also responsible for regulating the financial industry, including consumer protection in financial services.

The issue of how businesses collect, use, and protect personal information of their customers in the digital world.

Potential risks associated with businesses collecting and using personal data, including fraudulent and unethical use, unwarranted privacy violations, and data leaks.

Various approaches to safeguarding consumer privacy in the digital age, including self-help by users, industry self-regulation, and government legislation.

Strategies consumers can employ to protect their own privacy online, such as using privacy-enhancing technologies and being mindful of the data they share.

The idea that internet-related businesses should be allowed to regulate themselves regarding consumer privacy rather than relying solely on government intervention.

Government laws designed to protect consumer privacy online, including restrictions on data collection and usage, and rights for consumers to access and control their personal information.

The right of individuals to request search engines like Google to remove certain results related to their name, if the information is deemed inaccurate, inadequate, irrelevant, or excessive.

A comprehensive data protection law adopted by the European Union, which includes the right to erasure (right to be forgotten) and strong consumer rights regarding their personal data.

The principle that internet service providers (ISPs) should treat all data equally, without blocking or slowing down specific content or services.

The issue of determining liability when a product causes injury, considering who should bear the responsibility between the producer and consumer.

Government measures aimed at preventing product-related injuries by setting standards for design, manufacturing, and marketing.

A type of product safety regulation that focuses on preventing injuries before they occur, through measures like design standards and user education.

The responsibility of consumers to use products safely and follow instructions to prevent injuries.

The responsibility of manufacturers to ensure the safety of their products and take steps to prevent injuries.

Measures taken by manufacturers to ensure product quality and safety, including inspection and testing during production.

Regulations are crucial for consumer protection, preventing product-related injuries and ensuring accountability for safety standards.

A serious safety issue where Takata airbags could explode with excessive force during deployment, causing injuries or even death.

A chemical compound used in Takata airbag inflators that degrades under certain conditions, leading to excessive pressure and explosions.

Environmental factors that accelerate the degradation of ammonium nitrate in Takata airbags, increasing the risk of explosion.

A process where defective Takata airbags are replaced in vehicles to prevent potential accidents and injuries.

The difficulties involved in managing large-scale Takata airbag recalls, including identifying affected vehicles, procuring replacement parts, and notifying owners.

The period when the first reports of Takata airbag defects and related injuries began to emerge.

The issue of potential danger caused by defective Takata airbags, prompting investigations and recalls.

A major automotive safety crisis involving defective Takata airbags that resulted in numerous recalls, investigations, and lawsuits.

Two approaches to ensure product safety: Regulation focuses on setting standards and requirements for producers, while liability involves legal consequences for manufacturers if their products cause harm.

Legal principles that create incentives for producers and consumers to act in ways that reduce the overall costs of product-related injuries.

The total costs associated with product-related injuries, including medical expenses, lost wages, and pain and suffering, ultimately borne by consumers and producers.

The ideal number of injuries that are prevented, taking into account the costs of preventing versus treating injuries.

Determining the legal responsibility of a manufacturer for injuries caused by their product, considering factors such as design, manufacturing, and marketing.

The product safety lifecycle, from the initial idea to eventual use and potential injury, involves different stages where producers have a responsibility to ensure safety.