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Ch 23: Resource Management & Consumption Behaviors

About This Chapter

This chapter offers an extensive look at personal resource management skills and consumption behaviors. The chapter offers you a quick way to improve your financial skills or study these topics for an upcoming exam.

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.

13 Lessons in Chapter 23: Resource Management & Consumption Behaviors
Test your knowledge with a 30-question chapter practice test
Decision Making: Skills & Techniques

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.

Personal Goal Setting: Definition & Ideas

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.

Household Budgets & Personal Financial Management

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.

How to Create a Personal Budget: Tools & Examples

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.

Managing Personal Investments: Roles & Importance

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.

Consumer Credit: Types & Differences

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.

Credit & Debt in Personal Finance

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.

Consumer Decisions: Types, Overview

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.

Consumer Financial Decision Making

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.

Sustainable Consumption: Definition and Complexities

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.

Understanding Voluntary Simplicity as a Form of 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.

How Behavioral Nudges Can Lead to Overconsumption

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.

Consumer Fraud: Definition, Protections & Types

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.

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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