3 Your Role As A Consumer

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  • 1. Your Role as a Consumer Objective: Analyze your role as a consumer in an economic system
  • 2. Consumer
    • Any person or group that buys or uses goods and services to satisfy personal needs and wants
  • 3. Income
    • Disposable Income- is money left over after taxes are paid
    • Discretionary Income- is money left over after you pay your bills
  • 4. Consumer Choice
    • There are three parts to making a choice
    • Scarce Resources- Income and Time will affect your decision
    • Opportunity Cost- The value of the thing you gave up can include the time you spent shopping
    • Rational Choice- choosing the item with the best value for you
  • 5. Gathering Information
    • Its always best to make an informed decision
    • You can use the Internet to gather information about a product
    • Competitive Advertising- is advertising designed to persuade you
    • Informative Advertising- High lights the pros and cons of a product. It informs the consumer about what the product can do
  • 6. Gathering Information
    • Deceptive advertising- is the use of false or misleading information
    • Bait and Switch- an item is advertised at a really low price, when the consumer comes to the store it is no longer available and the sales person points out a higher priced one
  • 7. Comparison Shopping
    • Is when you compare items and prices between stores
    • Don’t forget to compare warranties
    • Brand Name verse Generic- Sometimes the only thing you are paying for is the name
  • 8. Consumerism
    • Your basic rights include the right to safe products, to be informed, right to choose, right to be heard, and right to redress
    • Your responsibilities
    • Report the problem immediately, explain the problem and a fair solution, keep your receipts and other paper work, give the company time to resolve you r problem
  • 9. Review
    • What is a consumer?
    • Ans. Any person or group that buys or uses goods and services to satisfy personal needs and wants
    • What is the difference between disposable and discretionary income?
    • Ans. Disposable is money left over after taxes/ discretionary is money left over after bills
  • 10. Review
    • Name three consumer rights.
    • Ans. right to safe products, to be informed, right to choose, right to be heard, and right to redress
    • What is scarcity?
    • Ans. Scarcity is the condition of not being able to have all the goods and services you want
    • What is opportunity cost?
    • Ans. is the value of the thing you gave up