Ch 30: Consumer Decisions in Economics

About This Chapter

The lessons here will enhance your knowledge of consumer decisions in economics. Take a look at consumer theories that apply to economics, and how culture, values and other factors influence buying decisions.

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.

8 Lessons in Chapter 30: Consumer Decisions in Economics
Test your knowledge with a 30-question chapter practice test
How Investing in Education Impacts Earning Potential

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.

Impact of Incentives on Personal Financial Decisions

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.

Consumer Preferences & Choice in Economics

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.

Consumer Theories in Economics: Decision Making, Incentives & Preferences

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.

Effects of Fiscal & Monetary Policy on Personal Finance

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.

Sales Tax: Definition, Types, Purpose & Examples

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.

Impact of Sales Tax Increases on Different Income Groups

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.

Influences on Consumer Buying Decisions: Cultures, Values & More

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.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
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Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
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