Ch 38: Consumer Economics Overview

About This Chapter

Use the lessons in this chapter to get a comprehensive overview of consumer economics. Increase your understanding of consumer fraud, personal goal setting and budgets, investments and consumer rights.

Consumer Economics Overview - Chapter Summary

This overview of consumer economics is a great way to get reacquainted with or learn more about a variety of financial concepts. Explore lessons developed by top instructors to examine the basics of consumer fraud, investment, credit and more. Once you've finished this chapter, you will have the knowledge to do the following:

  • Identify and describe five key consumer rights
  • Define and identify types of consumer fraud
  • Share the definition and five stages to purchase decision
  • List and describe the 5 C's of credit
  • Discuss what an investment is
  • Use tools for creating a personal budget
  • Detail strategies for personal goal setting

Enjoy the ability to tailor the resources in this chapter to your personal study needs. Access lessons from any computer or mobile device, and revisit them as many times as needed to understand this consumer economics overview. Send questions to our experts anytime to clarify concepts covered in the lessons. Test your knowledge of consumer economics with the short quiz available with each lesson.

7 Lessons in Chapter 38: Consumer Economics Overview
Test your knowledge with a 30-question chapter practice test
Five Major Consumer Rights

1. Five Major Consumer Rights

Consumers should expect safe products and ethical behavior from businesses. While there is not any official regulation, President Kennedy introduced four of the five major consumer rights: safety, information, choice, voice and redress.

Consumer Fraud: Definition, Protections & Types

2. Consumer Fraud: Definition, Protections & Types

Consumer fraud can result in a personal or financial loss for the victim. In this lesson, you will learn about various types of consumer fraud and how to protect yourself against it.

Purchase Decision: Definition & Hierarchy

3. Purchase Decision: Definition & Hierarchy

In this lesson, you will learn the five stages of purchase decisions that all consumers make when making a product choice. You will also see why this decision process is important to businesses that are building their customer base.

The 5 C's of Credit

4. The 5 C's of Credit

What's your creditworthiness? When a business owner needs a loan from the bank or financial institution, they will go through an evaluation process to determine their eligibility. Business owners need to consider what financial institutes look at. In this lesson you will learn about the process known as the 5 C's of credit.

What is an Investment? - Definition & Overview

5. What is an Investment? - Definition & Overview

Investment is paramount to sustained economic growth and the creation of wealth. In this lesson, you'll learn what an investment is and find out about different types of investors.

How to Create a Personal Budget: Tools & Examples

6. How to Create a Personal Budget: Tools & Examples

Creating a personal budget doesn't have to be overwhelming or discouraging. There are four basic steps to create an effective budget. This lesson will walk you through the steps to create a solid budget.

Personal Goal Setting: Definition & Ideas

7. Personal Goal Setting: Definition & Ideas

Everyone sits around daydreaming about what they want to have and do in life. The question is, 'how are we going to do it?' It is important to establish personal goals and then a plan on how to reach them. This lesson shows you how to do that.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

Earning College Credit

Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.

To learn more, visit our Earning Credit Page

Transferring credit to the school of your choice

Not sure what college you want to attend yet? has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.