Ch 28: MEGA Social Science Multi-Content: Consumer Economics & Personal Finance

About This Chapter

This chapter features engaging lessons that outline the essential information you need to learn about consumer economics and personal finance for the MEGA Social Science Multi-Content test. Each lesson includes a quiz.

MEGA Social Science Multi-Content: Consumer Economics & Personal Finance - Chapter Summary

To better prepare for the MEGA Social Science Multi-Content test, use this chapter to review material associated with consumer economics and personal finance. The instructors leading this chapter will address the topics that may come up on this exam. The following information will be covered:

  • Consumer choice
  • Theories in consumer economics
  • Advertising and consumer behavior
  • Consumer rights and consumer protection
  • Personal finance
  • Tools for creating a personal budget
  • Obtaining credit and loans
  • Factors that impact credit
  • The functions of commercial banks
  • The U.S. Banking System and its institutions
  • Income in retirement
  • Risk management methods and insurance policies
  • Investments

In this chapter, you will get a handle on consumer economics and personal science for the MEGA Social Science Multi-Content test. After you've finished the lessons, you will be equipped with the information you need to answer questions about these topics. You can use our multiple-choice quizzes to test yourself and track your progress through this chapter using our dashboard feature.

14 Lessons in Chapter 28: MEGA Social Science Multi-Content: Consumer Economics & Personal Finance
Test your knowledge with a 30-question chapter practice test
The Importance of Consumer Choice in Economics

1. The Importance of Consumer Choice in Economics

Nothing makes a business happier than when we buy something they sell - well, maybe when we buy two of what they sell! This lesson explains why smart companies and governments try to understand everything about you to sell you more.

Consumer Theories in Economics: Decision Making, Incentives & Preferences

2. Consumer Theories in Economics: Decision Making, Incentives & Preferences

Really, what do we know about consumers? Considering that there are billions around the world, our knowledge is far from perfect. However, economists have a number of ideas and assumptions about consumers that help inform their theories.

Effects of Advertising on Consumer Buying Behavior

3. Effects of Advertising on Consumer Buying Behavior

How does advertising influence the process of consumer buying behavior? What impact does advertising have on a company's market share, and how does this shape the marketing budget? This lesson describes why advertising is so important - particularly for newer companies.

Five Major Consumer Rights

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.

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

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.

Introduction to Personal Finance

6. Introduction to Personal Finance

While not all of us aspire to careers as accountants, a lack of interest in or understanding of basic financial concepts could cost you money. In this lesson, we'll examine four concepts associated with personal finance that will help you keep track of your money and may even help you build wealth.

How to Create a Personal Budget: Tools & Examples

7. How to Create a Personal Budget: Tools & Examples

Creating a personal budget doesn't have to be overwhelming or discouraging. There are four basic steps to create an effective budget. This lesson will walk you through the steps to create a solid budget.

Credit & Debt in Personal Finance

8. Credit & Debt in Personal Finance

Credit and debt are the foundation of any form of finance. This lesson highlights the pros and cons of credit and debt as they pertain to personal finance.

Factors That Affect Credit Worthiness

9. Factors That Affect Credit Worthiness

Access to credit to pay for education, a house, a car or other items is an important part of managing personal finances. In this lesson, you'll learn what factors lenders consider when deciding whether to loan someone money and what interest rate they will charge.

What Are Commercial Banks? - Definition, Roles & Functions

10. What Are Commercial Banks? - Definition, Roles & Functions

You may not realize it, but there are different types of banks and not all banks are authorized to do the same things. In this lesson, you'll learn about commercial banks, including their role and function in an economy. A short quiz follows.

Institutions of the U.S. Banking System

11. Institutions of the U.S. Banking System

The United States banking system is diverse and consists of many different types of institutions. In this lesson, you'll learn about commercial banks, savings and loan associations, credit unions, and investment banks.

Sources of Income in Retirement

12. Sources of Income in Retirement

In this lesson, learn several key ways that older adults pay their bills after retiring from work. You'll see how people can have different experiences in funding their retirement.

Understanding Insurance Policies and Risk Management

13. Understanding Insurance Policies and Risk Management

Obtaining insurance is one of the most common methods of risk management. In this lesson, you'll learn about insurance policies and some key concepts related to insurance. You'll also have a chance to take a short quiz.

Investment vs. Investments in Economics

14. Investment vs. Investments in Economics

Discover the important difference between investment in economics and investments that individuals make by saving out of their income. This lesson defines and outlines the basic components of gross private domestic investment.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
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Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
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