About This Chapter
Consumer Decisions in Economics - Chapter Summary
Our subject experts lead each lesson as an aid to boost your understanding of consumer decisions in economics. See the impact of investing in education on earning potential, the purpose of sales tax, and the effects of incentives on personal financial decisions. More information is presented in this chapter, such as:
- Consumer choice and preferences in economics
- Incentives, consumer preferences and decision making
- Fiscal and monetary policy effects on personal finance
- Types of sales tax
- Sales tax increases and impacts on different income groups
- How social class, culture, and other aspects influence consumer buying decisions
Since these lessons are short, it is easy to make steady progress on these studies by logging in on your mobile device whenever you have a few minutes to spare, and completing your next lesson. Each lesson comes with a quiz you can take to check your understanding of what you just studied.
1. How Investing in Education Impacts Earning Potential
It is no surprise that those with a bachelor's degree can earn significantly more than their counterparts with only a high school diploma. In this lesson, we will explore the degree types associated with potentially higher earnings.
2. Impact of Incentives on Personal Financial Decisions
Spending on the things we want makes us happy. Saving for the things we need makes us feel responsible. Investing for the future makes us feel secure. In this lesson, we will explore how all three actions are often motivated by our emotions.
3. Consumer Preferences & Choice in Economics
Why do consumers choose to purchase certain products or services? In this lesson, you will learn what consumer preference assumptions are and how they affect consumer choice in economics.
4. Consumer Theories in Economics: Decision Making, Incentives & Preferences
Really, what do we know about consumers? Considering that there are billions around the world, our knowledge is far from perfect. However, economists have a number of ideas and assumptions about consumers that help inform their theories.
5. Effects of Fiscal & Monetary Policy on Personal Finance
In this lesson, we'll define fiscal and monetary policy. We'll discuss the difference between loose and tight monetary policies and show you how each one can affect your personal finances.
6. Sales Tax: Definition, Types, Purpose & Examples
Learn what sales tax is and get information about many of the different types that you may pay. Discover where all that money goes and how it is used to offer services that you benefit from every day.
7. Impact of Sales Tax Increases on Different Income Groups
Charging consumers a percentage of their purchases on different types of goods and services is a common way municipalities raise funds for public services. In this lesson, we'll learn how increasing this sales tax impacts different income groups.
8. Influences on Consumer Buying Decisions: Cultures, Values & More
External influences are all around us and play a large role in our buying decisions. Watch this video to see how cultures, values and other influences shape our purchases.
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Other chapters within the MTTC Economics (007): Practice & Study Guide course
- Economic Concepts & Terminology
- Impact of Historical Events on the Economy
- Impact of Geography on Economics
- Structure of Local & Federal Governments
- Government & Economic Systems
- Democratic Values & Society
- Government Impact on Economics
- Basics of Measuring the Economy
- Scarcity, Opportunity Cost & Production Possibilities
- Producers & Production in Microeconomics
- Supply, Demand & Market Equilibrium
- Price Determination & Elasticity
- Economic Market Structures
- Business Types & Decision Making
- Understanding Economic Growth and Productivity
- Inflation & Adjustment in Economics
- Unemployment Basics
- Understanding Inflation & Unemployment
- Overview of Aggregate Demand & Supply
- Understanding Macroeconomic Equilibrium
- Scarce Economic Resource Markets Basics
- Fiscal & Monetary Policies
- Contractionary & Expansionary Gaps
- Money & the Market
- The Central Bank & Monetary Policy
- Types of Economic Advantage
- Foreign Exchange & Trade Balance
- Overview of Inflows, Outflows & Restrictions
- International Economic Development
- Consumer Protection Laws & Agencies
- Savings & Investments for Personal Finance
- Effective Teaching Strategies
- Instructional Teaching Strategies
- Assessment Strategies for Teachers
- Types of Student Assessments
- Technology Uses in the Classroom
- MTTC Economics Flashcards