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Your Role as a Consumer

Your Role as a Consumer. Chapter 3. Learning Objective. I can understand the important role consumers play in the economy and can describe how consumers make decisions. Disposable and Discretionary Income. Consumers Role dependent on Disposable Income – Food, Clothing, Shelter, Energy

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Your Role as a Consumer

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  1. Your Role as a Consumer Chapter 3

  2. Learning Objective • I can understand the important role consumers play in the economy and can describe how consumers make decisions.

  3. Disposable and Discretionary Income • Consumers • Role dependent on • Disposable Income – • Food, Clothing, Shelter, Energy • Discretionary Income – • Spent on all other items • Earning Power based on:

  4. BUDGETING • What does it show??? • Who uses a Budget??? • Why is a Budget Useful???

  5. Decision Making as a Consumer • Should I Buy Item in the First Place??? • Once you decide to purchase must consider: • Time and Money • Consider Quality • Higher Quality means • Done when you consider all options when purchasing goods and services

  6. Learning Objective • I know and understand the 3 buying principles and strategies

  7. Gathering Information • How Much Information Should You Get? • Develop a Knowledge Base • USE THE • Read Reviews • Compare Brands, Stores, Warranties, Prices, Etc.

  8. Advertising • Competitive – • Used to steal customers • Informative – • Do not fall for • Know your consumer rights

  9. Comparison Shopping • Decide to buy the product • Newspaper, Telephone, Internet, Visit, Talk with others • Don’t just go by price, Also Consider • backed by major manufacturer vs. Generic (difficult to determine who made product) • Special Financing • 0% for certain number of months • Most Useful When: • Price and/or Quality Varies Greatly

  10. Learning Objective • I can identify and explain the 5 consumer rights protected by U.S. Government

  11. Consumer Rights • (1960s) • JFK (1962) • Right to Safety – • Right to Be Informed – • Right to Choose – • Right to Be Heard – • Richard Nixon • Right to Redress –

  12. Learning Objective • I can explain my responsibilities as a consumer

  13. Consumer Responsibilities • Complain to Manager and/or Manufacturer • Small Claims Court • Better Business Bureau • Better Business Bureau • Online Shopping • Reputation of Seller • Read Disclosure Statements • CHECK THE LINK • Use Ethical Behavior • Returns!!

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