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Ch 67: Fundamentals of Consumer Economics

About This Chapter

We've made it easy to study the fundaments of consumer economics at your own pace with this helpful chapter. Made up of short lessons, videos and multiple-choice quizzes, our chapter will assist you as you work to catch up in class or prepare for an upcoming exam.

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.

7 Lessons in Chapter 67: Fundamentals of Consumer Economics
Test your knowledge with a 30-question chapter practice test
Who Is the Consumer in Microeconomics?

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.

Consumer Preferences & Choice in Economics

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.

What Is Consumer Buying Behavior? - Definition & Types

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.

How to Interpret Consumer Product Information

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.

Positioning and Differentiation in Consumer Marketing

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.

What Is Product Advertising? - Definition, Methods & Examples

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.

What Is Consumer Protection? - Product Liability, Laws & Rights

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.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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