About This Chapter
Economics & Consumer Rights - Chapter Summary
For an overview of basic economic concepts and consumer rights protections, check out this self-paced study guide chapter. After examining the fundamentals of consumer and resource markets, you'll explore consumer buying behaviors, product liability measures and the effects of monopolies and oligopolies on consumers. By the end of the chapter, you should be able to:
- Define the consumer market
- Describe the roles of producers and consumers in a resource market
- Compare types of consumer buying behaviors
- Identify the five major rights of consumers
- Evaluate consumer protection laws
- Explain how monopolies and oligopolies can impact consumers
- Recognize economic policies that have an impact on employment
These lessons are typically less than ten minutes in length, and our instructors' simplified teaching style makes it easy to take away important economics terms and concepts. Watch the lessons online using your computer or mobile device, and print the lesson transcripts to take notes. The chapter also includes plenty of self-assessment quizzes that are designed to strengthen your understanding of the information. For your convenience, we've made the chapter accessible on any computer or mobile device.
1. What is Consumer Market? - Definition & Example
Learn what a consumer market is in this lesson. Go over an example of a real consumer market and see how consumers are able to make purchasing and buying decisions within such a market.
2. Roles of Consumers & Producers in a Resource Market
When you go to the store, you are a consumer. However, did you know that chances are you've been a producer as well? This lesson explains how roles are reversed in resource markets.
3. What Is Consumer Buying Behavior? - Definition & Types
Most every business wants to know how consumers tick. In this lesson, you'll learn about consumer buying behavior, including the standard model. You'll also have a chance to take a short quiz after the lesson.
4. 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.
5. 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.
6. What is a Monopoly in Economics? - Definition & Impact on Consumers
In this lesson, you will learn about monopolistic markets and what a monopoly means for producers and consumers. After this lesson, you will understand why the name of one of our all-time favorite board games really makes perfect sense.
7. What is an Oligopoly? - Definition & Impact on Consumers
In this lesson, we will discuss a market structure that is actually quite common in the United States, as well as most other industrialized countries: oligopolies. Oligopolies are the market structures that sit somewhere between a monopoly and perfect competition. In this lesson, we will find out how.
8. Economic Policies that Impact Employment
This lesson examines how the government uses various policies and programs to prevent unemployment. We explore various monetary and fiscal policies, training and job networks, and policies that affect what sectors of jobs will receive priority.
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Other chapters within the MTTC Family & Consumer Sciences (040): Study Guide & Practice course
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