CHAPTER 11 CONSUMER SPENDING.

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Presentation transcript:

CHAPTER 11 CONSUMER SPENDING

A. THE CONSUMER’S CHOICE 1. In the US alone, consumers have thousands of items to choose from 2. Most consumers have limited incomes 3. Consumers feel frustrated and confused how to spend money 4. 3 Steps you can do: a. Set goals b. Gather information c. Think about the opportunity costs (or trade offs)

B. Step One: Set Goals 1. List your priorities - what is important to you? Rank them 1st to last 2. Create a budget - what is coming in (income), what is going out (expenses)

C. Step Two: Gather Information 1. Find information about competing goods and services 2. “Comparison Shopping” - compare the items you want to buy - quality? features? price? 3. Read labels, consumer magazines and advertisements

4. Consider: a. Warranty available? Full warranty or a limited one? b. Well-known company? Or is it generic (no brand name)? c. Where to shop? So many choices!!! d. Any additional costs? (Buying a car, buying a house, etc)

COMPARISON SHOPPING

D. Opportunity Costs 1. What will you be trading off? 2. Make a list of things you are looking for in a product or service 3. Compare the items to see what is different

TRADE OFF? Will you to the game with your buddies? Or go on a date with her? (ISABELI FONTANA OF BRAZIL)

E. Consumer Protection 1. As a consumer, you have certain rights (ie: right to choose, right to safety, right to be informed, right to be heard) 2. For protection, see the Better Business Bureau or Chamber of Commerce Government agencies can help with fraud

CONSUMER PROTECTION… AT ITS FINEST… FOR YOUR PROTECTION…….

F. Bait and Switch Ads 1. Ads that use low prices to attract and trick consumers 2. How these work – the item is the bait (its not available) and you will have to “switch” your choice to another higher priced product 3. These type of ads and tricks are illegal!