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Ch 48: OAE Middle Grades Social Studies: Consumer Economics

About This Chapter

What are consumer rights, behavior and protection? Use our video lessons and quizzes to reinforce what you know or learn new facts about these topics as you prepare for the Ohio Assessments for Educators (OAE) Middle Grades Social Studies exam.

OAE Middle Grades Social Studies: Consumer Economics - Chapter Summary

You will find that the lessons in this chapter provide brief but informative overviews of consumer decision-making, preferences, choices and rights as they impact economics. The videos address the following concepts and topics to familiarize you with the types of questions you are likely to encounter on the OAE Middle Grades Social Studies exam:

  • Explaining what a consumer is within the microeconomics system
  • Defining the role of consumer choice in economics
  • Outlining the use of tax revenue
  • Describing the circular flow model of economic activity
  • Identifying consumer preference assumptions
  • Summarizing the theory of consumer behavior and assumptions about consumers that help economists develop consumer theories
  • Examining types of consumer decisions
  • Showing the impact of advertising on consumer buying
  • Listing major consumer rights
  • Exploring the concept of consumer protection

You can use these lessons as handy reference tools while you prepare for the OAE Middle Grades Social Studies exam. Self-assessment quizzes allow you to gauge what you know and identify in which areas you might need further review before taking the exam.

11 Lessons in Chapter 48: OAE Middle Grades Social Studies: 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.

The Importance of Consumer Choice in Economics

2. 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.

How the Government Uses Taxes & Subsidies

3. How the Government Uses Taxes & Subsidies

This lesson will explain how the government uses tax revenue. It will also discuss the purpose of subsidies, as well as public services and infrastructure.

Circular Flow of Economic Activity: The Flow of Goods, Services & Resources

4. Circular Flow of Economic Activity: The Flow of Goods, Services & Resources

Learn about the simple model used to describe where money goes and what it is exchanged for in a market economy. The circular flow model of economic activity shows you the basic relationships between households, firms and the government.

Consumer Preferences & Choice in Economics

5. 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.

Consumer Behavior Theory and Marketing Strategy

6. Consumer Behavior Theory and Marketing Strategy

Watch this lesson to find out how marketers can use predictions about our behavior to create a strategy that helps them reach out to us and influence our decisions to buy.

Buying Behavior and Marketing: Types of Consumer Buying Decisions

7. Buying Behavior and Marketing: Types of Consumer Buying Decisions

Marketers must consider how consumers decide to buy their product. Consumers use nominal, limited, and extended decision making. Watch this video to learn more about the different types of consumer decisions.

Effects of Advertising on Consumer Buying Behavior

8. 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

9. 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

10. 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.

Consumer Theories in Economics: Decision Making, Incentives & Preferences

11. 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.

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.
Not Taken

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Other Chapters

Other chapters within the Ohio Assessments for Educators - Middle Grades Social Studies (031): Practice & Study Guide course

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