About This Chapter
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.
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.
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.
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.
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.
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.
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.
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.
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