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.
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? Study.com 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.
Other chapters within the NES Social Science (303): Practice & Study Guide course
- Reading & Research Skills
- Historiography & World History
- Early Civilizations in Egypt, Mesopotamia & the Near East
- The Legacy of Ancient Greece & Rome
- Ancient India & China
- Ancient Japan & Southeast Asia
- Overview of Global Religions
- Early Civilizations in Africa & the Americas
- The Spread of Islam & The Byzantine Empire
- Europe after the Decline of the Roman Empire
- The European Renaissance & Protestant Reformation
- European Expansion from 1450-1650
- The Scientific Revolution & the European Enlightenment
- Major Revolutions Around the World
- Industrialization in Europe
- Major Political Developments from 1350-1871
- Impacts of European Imperialism
- Causes & Consequences of World War I
- Causes & Consequences of World War II
- Causes & Consequences of the Cold War
- Developments in East Asia, Latin America, Africa & the Middle East since 1945
- Changes in Europe after World War II
- Contemporary Global Challenges
- The Precontact Period & Settling North America
- Causes & Consequences of the American Revolution
- The Evolution of National & State Governments
- Major Figures in U.S. History from the Precontact Period-1789
- Political & Constitutional Developments from 1789-1877
- Westward Expansion, Economic Growth & U.S. Foreign Relations from 1789-1877
- Major Antebellum Reform Movements & Key Reformers
- Sectionalism & the American Civil War
- The Reconstruction Period
- Settlement of the Trans-Mississippi West
- The Growth of the Industrial Economy in the U.S.
- The American Progressive Era
- American Imperialism & Rise to International Power
- The 1920s in the U.S.
- Causes & Effects of the Great Depression
- U.S. Foreign Policy since World War II
- Major U.S. Political Events & Developments since 1945
- U.S. Economic Developments since 1946
- Major U.S. Social Developments since 1945
- Major Social & Political U.S. Movements During the Postwar Period
- Basic Geographic Terms & Concepts
- Geographic Reference Sources, Tools & Technologies
- Characteristics of World Geography
- Physical Features of the Earth
- Elements of Weather & Climate
- Natural Resources Around the World
- Human Societies & the Environment
- Current Environmental Problems
- Characteristics of Human Systems
- Basic Political Science Terms & Concepts
- Political Theorists & Figures in Political Science
- Systems of Government
- Comparison of Political Systems
- Key Political Documents
- Significance of Landmark U.S. Supreme Court Decisions
- U.S. Electoral System & Political Process Participation
- U.S. Citizenship Rights & Responsibilities
- Levels of U.S. Government
- Law-Making Processes & U.S. Foreign Policy
- Basic Economic Terms & Concepts
- Microeconomics Concepts & Laws
- Interpreting Economic Information
- Operation of Business Firms
- Fundamentals of Personal Finance
- Economic Institutions & Groups
- Unemployment, Inflation & Deflation
- NES Social Science Flashcards