© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 1 Technology and Consumer Choice Objectives: By the end of class, students will be able.

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© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 1 Technology and Consumer Choice Objectives: By the end of class, students will be able to:  Identify ways that technological changes have affected consumer decisions  Describe how you can make rational decisions when you buy products based on new technologies  Explain how technological obsolescence affects consumer purchasing decisions.

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 2 Choosing Technology-Based Products  Automobiles  Technology challenge  Obsolescence  Depreciation

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Technology-Based Products Automobiles  Technology in automobiles has changed dramatically in the last 60 years.  Automobiles today are much different than automobiles 60 years.  Various industries have had to adapt to the technological changes involving the automobile. These include:  Mechanical Repair industry  Auto body Industry  Oil Industry  Rubber Industry  Iron Industry Slide 3

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Technology Challenge  New technology has changed consumers’ ability to evaluate the goods and services they buy.  Technology-based products are often expensive early on, making it difficult for consumers to make an informed decision.  Careful evaluation of all alternatives and utilizing the decision-making process will help minimize risks for consumers.  Not every new product will be successful. Slide 4

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Examples of Failed Technology Slide 5 Beta Max Video Cassette Recorder Apple Lisa D”lorean

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Technological Obsolescence  Technological Obsolescence occurs when new technology makes products based on old technology out of date.  Here are a few examples of products that no longer exist as a result of technological obsolescence:  Can you name any others? Slide 6

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Depreciation  When a product declines in value, it is known as depreciation.  Wear and tear as well as new available technologies can cause depreciation of products.  Older, less technologically advanced products can become worthless even if they work perfectly because of the new technology  Here are some examples : Slide 7

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 8 Chapter 2 When Should You Buy?  Out-of-date technology  High price of new technology  Product quality of new technology  Safety hazards and new products  Is it ever smart to buy now?

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Technology and Consumer Choice Summary  The rapid changes in technology have made consumer purchasing decisions more difficult  Technological Obsolescence is when new technology makes products made from old technology out of date.  All products depreciate. Technology can make products depreciate quicker.  Utilizing the decision making process can assist when purchasing new technologies. Slide 9