About This Chapter
Consumer Economics & Personal Resource Management - Chapter Summary
Expand your knowledge and understanding of consumer economics and personal resource management with these lessons that are found in the chapter. These resources will cover important information such as purchase decisions and the 5 C's of credit. This chapter will additionally cover the following topics:
- Laws for consumer protection
- Five stages of a purchase decision
- Personal financial skills that help avoid stress
- Process of creditworthiness
- Basic economic problems
- How opportunity costs lead to good economic decisions
This chapter's lessons will discuss in great detail the topics that are addressed above. The related lesson quizzes will help you make sure you fully understand the material. The lessons are taught by experienced and knowledgeable instructors who want to support your success in the goals you have to reach by completing this chapter.
1. 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.
2. 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.
3. Consumer Skills & Personal Financial Planning
You've heard that 'money can't buy happiness,' and it's true. However, money concerns can certainly cause stress, which will make anyone unhappy. In this lesson, we'll learn about four personal financial skills to help avoid that stress.
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. Economic Scarcity and the Function of Choice
Discover the foundation of the social science of economics as we explore the basic economic problem of scarce resources and unlimited wants using key definitions that create a framework for understanding everyday behavior in a nation.
6. Opportunity Cost: Definition & Real World Examples
Learn the most important concept of economics through the use of real-world scenarios that highlight both the benefits and the costs of decisions. Opportunity cost is a simple yet powerful principle that reveals how to make the best economic decisions possible, and it explains why people make the choices they do.
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