About This Chapter
Praxis: Consumer Economics - Chapter Summary
What safeguards are in place when you buy products? Get the definition of product liability and examine consumer protection options through this chapter. Consumers have responsibilities, too, and you can find out about these and then explore the financial planning process, personal budgeting and consumer credit management.
Watch the engaging video lessons and complete the quizzes that follow to get ready for the Praxis II: Family and Consumer Sciences test. The following topics are included in this chapter:
- Protections for consumers, including government agencies, advocate groups, product liability, rights, policies and laws
- Effects of e-commerce and m-commerce on privacy and fraud
- Consumer responsibilities, such as good financial planning, comprehension of personal banking and use of debt management related to credit
- Income taxes and investing practices
- Consumer buying practices, including new product decisions
You can watch each video lesson as many times as you like. If you'd rather, you can read the lesson from the available text transcript version. If there are certain topics you want to review once you've taken a quiz, you can use the handy video tags to find just the right spot. Some lessons also contain links to additional text lessons that complement the chapter's subject matter.
Praxis: Consumer Economics Objectives
The Praxis II: Family and Consumer Sciences test has questions on family concepts, human development, nutrition and housing, in addition to questions on economics and management of resources. About 17 questions, or 14%, of this Praxis test assess the topics listed above. For success in this consumer economics and resource management section, make sure you review the concepts of consumer rights, decision-making resources, financial management, protections for consumers and wise selection of products and services. The questions are all multiple-choice, for which the quick quizzes can help you prepare.
1. What Is Product Liability? - Definition & Laws
Businesses are held responsible when their products are defective, known as product liability. Liability can be based on one or more of three theories: Breach of warranty, negligence, and strict liability. This lesson explains these three theories.
2. Defective Products Liability
Businesses are held responsible when their products are defective. There are three types of possible product liability defects. This lesson explains the three possible types of defects for which businesses can be liable.
3. 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.
4. Impact of e-Commerce and m-Commerce on Consumer Privacy and Fraud
There are a number of challenges in the world of e-commerce and m-commerce stemming from the ease of information exchange over the Internet. The issues discussed in this lesson include consumer privacy and fraud.
5. 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.
6. How a New Product is Adopted by Consumers
In this lesson, you will learn the five stages consumers go through to determine whether or not to adopt a product that is new to the marketplace. You will also learn why it is important for companies introducing new products to understand the adoption process their customers use.
7. What is Consumption in Economics? - Definition & Theory
Learn what consumption is and how you participate every day in this activity. Find out why it is important and what variables drive the theories behind consumption. Discover some common ways to increase consumption.
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Other chapters within the Praxis Family & Consumer Sciences (5122): Practice & Study Guide course
- Praxis: Family Structures, Stages, Functions & Relationships
- Praxis: Cognitive & Physical Development Through the Life Span
- Praxis: Human Development Theories
- Praxis: Developmental Issues
- Praxis: Relationships & Communication
- Praxis: Nutrition & Nutritional Disorders
- Praxis: Family & Consumer Science Education
- Praxis Family and Consumer Sciences Flashcards