Economics Chapter 3: Your Role as a Consumer

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Presentation transcript:

Economics Chapter 3: Your Role as a Consumer ALL Sections:

Spending Money Disposable vs. Discretionary Income Disposable= money income after all taxes have been paid Discretionary= money left after all necessities have been bought. Money spent on entertainment and luxury items. Rational Chooice: alternative choice that has the best value Values is subjective In your notes: What do you look for when purchasing a pair of shoes?

Decision Making as a Consumer First must decide if you are going to buy an item. Next at least 2 scarce resources are involved: Time Money Opportunity Cost: the value of your highest alternative choice that you did not make.

Three Basic Buying Principles Gathering Information The value of your own time is important in this Using Advertising wisely Competitive Ads: Attempts to prove superiority Usually from established companies Informative Ads: give you information on the product Comparative: compare directly two products Bait and Switch Ads: deceptive Bait you with a low price, show you the better model on arrival Comparison Shopping: Gaining info on Brands Generic Names vs. Brand Names

Consumerism Movement to educate people about the products they buy. Demand better and safer products from manufacturers Consumer Rights: Gained Steam with the Kennedy Administration in the 1960’s. - Consumer Bill of Rights 1. Right to safety 2. Right to be informed 3. Right to Choose 4. Right to be heard 5. Right to Redress

Consumer Responsibilities Consumer Responsibilities: Educate yourself If Producers have regulation, Consumers must act Ethically: Acting morally when it comes to taking part in the market

Consumer Fraud and Scams Avoiding Scams A. “If it is too good to be true, it probably is!” B. “There is nothing free in life!” C. Read all contracts D. Get everything in writing E. Never send money to win a prize F. Contact the Attorney Generals Office (Consumer Protections Agency)

Types of Scams Bait and Switch - Drawn to the store because of ad, then salesman sells you a more expensive product. - this is against the law Work at Home Scheme - you send money to assemble products then company pays to back when you finish the job Paying to Win - You have one a product or trip, but requests you send money or give credit card number, to cover shipping and handling.

Types of Fraud Home Solicitation Sales - hard sell the elderly - salesmen must be licensed Negative Option Clubs - club sends you books or CD’s and credits your account if you don’t send them back on time. Charitable Solicitations - phony charities Nigerian Scam