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Ch 64: Consumer Economics - ORELA Middle Grades Social Science

About This Chapter

Study for the ORELA Middle Grades Social Science assessment by watching fun and engaging video lessons. Refresh your knowledge of consumer economics with the help of expert instructors and self-assessment quizzes.

Consumer Economics - ORELA Middle Grades Social Science - Chapter Summary

This in-depth look at the consumer economics is designed to help you answer questions on the ORELA assessment. After exploring the video lessons in this chapter, you will be prepared to:

  • Define and discuss the laws of product liability
  • Provide insight into defective products liability
  • Explain consumer protection as related to product liability, laws and rights
  • Share the effects of e-commerce and m-commerce on consumer privacy and fraud
  • Identify types of consumer buying decisions and discuss their relationship to marketing
  • Describe how consumers adopt new products

Enjoy the ease with which you can get reacquainted with consumer economics by reviewing the comprehensive lessons. If you need additional information about any lesson topic, submit your question to our experts.

6 Lessons in Chapter 64: Consumer Economics - ORELA Middle Grades Social Science
What Is Product Liability? - Definition & Laws

1. What Is Product Liability? - Definition & Laws

Businesses are held responsible when their products are defective, known as product liability. Liability can be based on one or more of three theories: Breach of warranty, negligence, and strict liability. This lesson explains these three theories.

Defective Products Liability

2. Defective Products Liability

Businesses are held responsible when their products are defective. There are three types of possible product liability defects. This lesson explains the three possible types of defects for which businesses can be liable.

What Is Consumer Protection? - Product Liability, Laws & Rights

3. What Is Consumer Protection? - Product Liability, Laws & Rights

Consumer protection refers to the laws and other forms of government regulation designed to protect consumers. One form of consumer protection is product liability. This lesson explains consumer protection and product liability.

Impact of e-Commerce and m-Commerce on Consumer Privacy and Fraud

4. Impact of e-Commerce and m-Commerce on Consumer Privacy and Fraud

There are a number of challenges in the world of e-commerce and m-commerce stemming from the ease of information exchange over the Internet. The issues discussed in this lesson include consumer privacy and fraud.

Buying Behavior and Marketing: Types of Consumer Buying Decisions

5. Buying Behavior and Marketing: Types of Consumer Buying Decisions

Marketers must consider how consumers decide to buy their product. Consumers use nominal, limited, and extended decision making. Watch this video to learn more about the different types of consumer decisions.

How a New Product is Adopted by Consumers

6. How a New Product is Adopted by Consumers

In this lesson, you will learn the five stages consumers go through to determine whether or not to adopt a product that is new to the marketplace. You will also learn why it is important for companies introducing new products to understand the adoption process their customers use.

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Other Chapters

Other chapters within the ORELA Middle Grades Social Science: Practice & Study Guide course

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