Chapter 3. I can understand the important role consumers play in the economy and can describe how...
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Transcript of Chapter 3. I can understand the important role consumers play in the economy and can describe how...
![Page 1: Chapter 3. I can understand the important role consumers play in the economy and can describe how consumers make decisions.](https://reader035.fdocuments.us/reader035/viewer/2022062401/5a4d1aeb7f8b9ab05997aa2f/html5/thumbnails/1.jpg)
Chapter 3
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I can understand the important role consumers play in the economy and can describe how consumers make decisions.
![Page 3: Chapter 3. I can understand the important role consumers play in the economy and can describe how consumers make decisions.](https://reader035.fdocuments.us/reader035/viewer/2022062401/5a4d1aeb7f8b9ab05997aa2f/html5/thumbnails/3.jpg)
Consumers Role dependent on Disposable Income –
Food, Clothing, Shelter, Energy Discretionary Income –
◦ Spent on all other items Earning Power based on:
◦
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What does it show??? Who uses a Budget??? Why is a Budget Useful???
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Should I Buy Item in the First Place??? Once you decide to purchase must consider:
Time and Money
Consider Quality Higher Quality means
Done when you consider all options when purchasing goods and services
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I know and understand the 3 buying principles and strategies
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How Much Information Should You Get?
Develop a Knowledge Base
◦ USE THE Read Reviews Compare Brands, Stores, Warranties, Prices, Etc.
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Competitive – ◦ Used to steal customers
Informative –
Do not fall for ◦ Know your consumer rights
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Decide to buy the product Newspaper, Telephone, Internet, Visit, Talk with others
Don’t just go by price, Also Consider
◦ backed by major manufacturer vs. Generic (difficult to determine who made product)
◦ Special Financing◦ 0% for certain number of months
Most Useful When:
◦ Price and/or Quality Varies Greatly
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I can identify and explain the 5 consumer rights protected by U.S. Government
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(1960s)
JFK (1962)◦ Right to Safety – ◦ Right to Be Informed –
◦ Right to Choose –
◦ Right to Be Heard –
Richard Nixon◦ Right to Redress –
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I can explain my responsibilities as a consumer
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Complain to Manager and/or Manufacturer◦ Small Claims Court
Better Business Bureau◦ Better Business Bureau
Online Shopping◦ Reputation of Seller◦ Read Disclosure Statements◦ CHECK THE LINK
Use Ethical Behavior◦ Returns!!
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