About This Chapter
Resource Management & Consumption Behaviors - Chapter Summary
Complete this chapter at your own pace to learn fundamental concepts related to personal resource management and sustainable consumption. Divided into short video and text-based lessons, this chapter outlines budgeting, goal setting, investment, credit and decision-making concepts. You'll also take a look at consumer fraud protections and behavioral adaptations that can result in overconsumption. When you're finished you should be equipped to:
- Describe effective decision making skills and techniques
- Outline the process of personal goal setting
- Create household and personal budgets
- Explain the importance of personal investment management
- Differentiate between types of consumer credit, fraud and decisions
- Define credit and debt in personal finance
- Assess sustainable consumption and overconsumption concepts
You can access this chapter whenever you need it using your desktop, laptop or mobile device. In addition to the lesson content, the chapter includes short quizzes and a comprehensive exam. Submit questions to our experts if you need any help, and revisit the lessons as many times as needed.
1. Decision Making: Skills & Techniques
We make decisions all the time, but how do we make them? How useful are our decision-making techniques? In this lesson, you'll learn about the skills used in decision making, the six steps involved, and finally, four different techniques you can use when faced with a decision.
2. Personal Goal Setting: Definition & Ideas
Everyone sits around daydreaming about what they want to have and do in life. The question is, 'how are we going to do it?' It is important to establish personal goals and then a plan on how to reach them. This lesson shows you how to do that.
3. Household Budgets & Personal Financial Management
In this lesson, we'll explain and define the components of a budget: income, expenses, and discretionary income. You'll also learn how to categorize income and expenses as fixed or variable.
4. 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.
5. Managing Personal Investments: Roles & Importance
After reading this lesson, you will know why you need to evaluate and monitor your investment choices. You will learn why keeping an accurate record is essential for your financial success.
6. Consumer Credit: Types & Differences
In this lesson, we'll discuss creditworthiness and different types of consumer credit: installment, non-installment, and revolving credit. You'll also learn about repayment requirements for each and if there's a cost to borrowing the money.
7. 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.
8. Consumer Decisions: Types, Overview
How consumers make decisions is a primary interest to all businesses. In this lesson, you'll learn about different types of consumer decision-making. You'll also have a chance to take a short quiz after the lesson.
9. Consumer Financial Decision Making
The three major consumer financial decisions are savings rate, use of credit, and spending patterns. In this lesson, you'll learn about the cultural dimensions and marketing communication types that influence these decisions.
10. Sustainable Consumption: Definition and Complexities
Sustainable consumption is the use of products and services that have a minimal impact on the environment so future generations can meet their needs. Learn about the benefits and the complexities that are associated with sustainable consumption.
11. Understanding Voluntary Simplicity as a Form of Sustainable Consumption
Voluntary simplicity is a form of sustainable consumption that involves a conscious decision to use fewer natural resources. Learn how following a voluntary simplicity lifestyle can meet your needs and desires and reduce damage to the environment.
12. How Behavioral Nudges Can Lead to Overconsumption
How susceptible are we in our daily lives to suggestions and positive reinforcement? Can a nudge here or there make us overeat or buy something we don't need? In this lesson, we'll discuss how behavioral nudges can lead to overconsumption.
13. Consumer Fraud: Definition, Protections & Types
Consumer fraud can result in a personal or financial loss for the victim. In this lesson, you will learn about various types of consumer fraud and how to protect yourself against it.
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Other chapters within the MTTC Family & Consumer Sciences (040): Study Guide & Practice course
- Family Structure & Systems
- Basics of Interpersonal Relationships
- Stages of Adulthood & Aging
- Overview of Human Sexual Development
- Family Changes & Transitions
- Family Rights & Responsibilities
- The Development of Infants & Toddlers
- The Development of Preschoolers
- The Development of School-Aged Children
- The Development of Adolescents
- Basics of Preparing for Parenthood
- Prenatal Care, Fetal Development & Childbirth
- Parenting Process
- Parent-Child Communication & Conflict
- Life Choices & Personal Wellness
- Principles of Nutrition
- Impact of Nutrition on Personal Wellness
- Health Care Rights & Responsibilities
- Careers, Family & Community
- Factors That Influence Housing Selection
- Home Design Features
- Economics & Consumer Rights
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