Final answer:
A faulty product is one with defects that impair its use, such as cars with brake issues. Planned obsolescence is a business strategy to encourage frequent product replacements. The FTC regulates product claims, upholding 'Caveat emptor' for consumer awareness.
Step-by-step explanation:
Faulty products are those that have defects or issues that reduce their usability, safety, or expected performance. In the case of a manufacturer producing automobiles, a model with defective brakes that could result in accidents highlights a severe instance of a product with a fault. It is the responsibility of the manufacturer to address such known defects before the product reaches the consumer.
Another concept related to product lifespan and performance is planned obsolescence, which is a business strategy where products are designed to have a limited lifespan or become outdated, nudging consumers to purchase newer models. This practice often leads to frequent product replacements, higher costs for consumers, and environmental concerns due to increased waste.
The Federal Trade Commission (FTC) plays a role in regulating factual claims about product performance, preventing advertisements with untrue facts, though some exaggerated or ambiguous claims might still be allowed. The principle of 'Caveat emptor,' meaning 'let the buyer beware,' reminds consumers to be vigilant and informed while making purchasing decisions.