About This Chapter
Fundamentals of Consumer Economics - Chapter Summary
With this informative chapter, you can review the fundamentals of consumer economics at your leisure. As you study this resource, you'll watch videos about consumer buying behavior, consumer marketing and product advertising, among other topics. Once you've completed this chapter, you should know how to:
- Identify the consumer in microeconomics
- Explain consumer preferences and choice
- Outline the different types of consumer buying behavior
- Understand how to interpret consumer product information
- Differentiate and position in the area of consumer marketing
- Discuss the methods used in product advertising
- Recognize liability, rights and laws in consumer protection
Utilize this chapter on your smartphone, tablet or computer to learn about the fundamentals of consumer economics at any time. Our mobile-friendly resources are designed by educated experts, so you can be confident you're working through accurate information. The lesson quizzes and chapter test can gauge your knowledge before you take an exam.
1. Who Is the Consumer in Microeconomics?
Who is the consumer in microeconomics? In this lesson, you will learn the definition of a consumer and the microeconomic assumption that explains their decision-making process.
2. Consumer Preferences & Choice in Economics
Why do consumers choose to purchase certain products or services? In this lesson, you will learn what consumer preference assumptions are and how they affect consumer choice in economics.
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. How to Interpret Consumer Product Information
This lesson will go over how to interpret consumer product information like costs, quantity, delivery charges, and warranties. Understanding the types of information available and how to use it allows consumers to compare similar products so they can make the most cost-effective purchase. Informed shopping helps maintain a sound budget.
5. Positioning and Differentiation in Consumer Marketing
Consumers' perceptions of products and brands are influenced by the marketing and promotional plan. Marketers must identify the key characteristics that are important to the target market and then ensure that their product stands out in the minds of the consumers as the best choice for purchase.
6. What Is Product Advertising? - Definition, Methods & Examples
Product advertising is more than just a commercial or an ad in a magazine. In this lesson, you'll learn about product advertising and the various methods used to advertise products through some examples. A short quiz follows.
7. 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.
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