You, The Consumer How do I contribute to the economy?

Slides:



Advertisements
Similar presentations
Ind – Develop a foundational knowledge of pricing to understand its role in marketing. (Part II) Entrepreneurship I.
Advertisements

Ch. 20 Section 1 Managing Your Money.
Credit/Consumer Rights
Buying Principles or Strategies
Introduction to Business and Marketing. Objectives Describe seven protections that are included in the Consumer Bill of Rights Describe the responsibilities.
Warmup  Why does the dollar on the left have value, while the one on the right does not?
Chapter #6. Section #6.1 Discuss the basic characteristics of the marketplace. List and describe the three basic components of a free enterprise system.
 I spent more money on ________ than anything else.  The reason is …
Your Role as a Consumer Consumption, Income, and Decision Making Mr. Cargile Mission Hills High School San Marcos, CA.
Splash Screen. Chapter Menu Chapter Introduction Section 1:Section 1:Consumption, Income, and Decision Making Section 2:Section 2:Buying Principles and.
Economics Chapter 3: Your Role as a Consumer
Economics Review Jeopardy What is Economics? Economic Systems Demand & Supply Consumer 1st Half Q $100 Q $200 Q $300 Q $400 Q $500 Q $100 Q $200 Q $300.
Personal Finance and Economics
YOUR ROLE AS A CONSUMER CHAPTER 3. MAIN IDEA: AS A CONSUMER, YOU PLAY AN IMPORTANT ROLE IN THE ECONOMIC SYSTEM CHAPTER 3 SECTION 1: CONSUMPTION, INCOME,
Schedule  An organized written plan to help reach your goals within a certain period of time.
Consumer Responsibilities, Rights, and Protectionism BRHS Business Education.
Marketing Concepts. 4 Ps of Marketing  Product  Price  Place  Promotion  These are referred to as the marketing mix, and they must be properly combined.
Your Role as a Consumer. Consumption, Income, and Decision Making.
Your Role as a Consumer. Disposable and Discretionary Income Disposable – Income a person has left after all taxes have been paid – Used to buy necessities.
WARMUP  Why does the dollar on the left have value, while the one on the right does not?
Decisions Consumer: a person who buys a product or service. You have the right to buy or reject products and services but you have a responsibility in.
Chapter 20 Objectives: 7.02, 7.03, 8.07, 8.08,. Managing Your Money Consumer: someone who buys a product or service –Have rights and responsibilities.
Managing Your Money Consumer Rights Consumer: someone who buys goods or services You can enter any profession or business that you choose You can.
What is a brand?  A word or name that helps the consumers distinguish one product from another.
Consumers in the Global Economy
Chapter 28 Our free enterprise system. Free Enterprise System  Also called a market economy or capitalism  Producers and Consumers are free to engage.
Part 6—Managing Your Income
BR: Identify as many of these as you can.. Being A Smart Consumer Consumer Economics.
Introduction to Business Final Exam Study Guide 2010.
Chapter 19.4 The Economy and You. Consumer Rights and Responsibilities  Consumers have rights and responsibilities in our free enterprise system.  Consumerism.
What’s your role?.  Profit Motive  Open Opportunity- everyone can compete in the market place  Legal Equality- everyone has the same legal rights 
Consumer Economics.  Focuses on the decision making of individuals and households.  Everyone in a capitalist society is a consumer (any person or group.
Market Failure What happens when the market doesn’t work?
Your Role as a Consumer. Disposable and Discretionary Income Consumer- anyone who buys or uses good or services –D–D–D–Depend on the available income.
Bell Ringer #1 - Chapter 3 Create a list of disposable/need expenses and another for discretionary/want expenses using the items listed below. Electric.
Competencies Define consumer terms. Define agencies and publications that deal with consumer protection. Recognize what it means to be a “wise consumer.”
Consumer Spending Consumer choices: Making good economic decisions There are so many goods and services available: Limited incomes forces people to make.
Consumer Rights & Responsibilities.
Being a Wise Consumer Consumer Vocabulary.
Chapter 1 marketing is all around us Section 1.1
Intro to Business, 7e © 2009 South-Western, Cengage Learning SLIDE1 CHAPTER Consumer Buying Decisions Consumer Rights and Responsibilities.
Chapter 3 Consumer Protection. Consumer Rights and Responsibilities , John F. Kennedy Consumer Right = Consumer Responsibility Right to Safety.
Daily Information – 10/17 Objectives: 1. Describe methods of setting prices in a market economy 2. Explain consumer buying strategies. Warm Up: You have.
Managing Spending  TLW: prepare a budget to help you manage your money wisely.  Activity: Read pages Class discussion. Complete managing Your.
Chapter 3 Your Role as a Consumer. Section 3-1: Consumption, Income and Decision Making Disposable and Discretionary Income  The ability to consume depends.
5.4 Notes  comparison shopping – accessing information, comparing products, evaluating their benefits, and choosing products that offer the best value.
Chapter 3.  I can understand the important role consumers play in the economy and can describe how consumers make decisions.
Your Role as a Consumer Chapter 3. Consumption, Income, & Decision Making  Consumer – a person or group that buys or uses goods and services to satisfy.
Consumer Rights and Responsibilites
Consumerism UNIT IV. Disposable and Discretionary Income Consumer- a person or group who buys or uses goods and services to satisfy needs/want Disposable.
© SOUTH-WESTERNCONTEMPORARY ECONOMICS: LESSON 3.21 LESSON 3.2 Regulating the Private Sector  Explain how government, by establishing laws and regulations,
CONTEMPORARY ECONOMICS© Thomson South-Western 3.2Regulating the Private Sector  Explain how government can improve operation of the private sector. 
Market Failure What happens when the market doesn’t work?
Vocabulary 6 rights of consumer Expressed Warranty Implied Warranty Guarantee As is FTC 6 rights of consumer Expressed Warranty Implied Warranty Guarantee.
You in the economy Notes for Chapter 17. Getting paid Salary – fixed payments at regular intervals Salary – fixed payments at regular intervals Wages.
Chapter 3: Your Role as a Consumer. Consumers A Consumer is an person or group that buys or uses goods and services to satisfy personal needs and wants.
Chapter 3 Your Role as a Consumer.
Personal Finance & Economics
Becoming a Smart Consumer
CHAPTER 11 CONSUMER SPENDING.
Credit and Consumer Rights
Personal Finance & Economics
Personal Finance or.
You the Consumer.
Lesson /29/2018 LESSON 5.1 CONSUMER INFORMATION
Competencies Define consumer terms.
Consumption, Income, & Decision Making
Truth about Consumption
How do I contribute to the economy?
Truth about Consumption
Presentation transcript:

You, The Consumer How do I contribute to the economy?

Consumer –any person or group that buys or uses goods and services to satisfy personal needs and wants. 12/25/2015Template copyright Important Terms You Need to Know

12/25/2015Template copyright Marketing –All the activities needed to move goods and services from the producer to the consumer. Utility –The ability of any good or service to satisfy consumer wants. Important Terms You Need to Know

the types of utility –Form utility The conversion of raw materials into goods and services –Place utility Having a good or service available where consumers want them Important Terms You Need to Know

the types of utility –Time utility Having a good or service available when consumers want them. –Ownership utility The satisfaction that comes from owning a good or service. Important Terms You Need to Know

12/25/2015Template copyright Important Terms You Need to Know Disposable income –money remaining after taxes have been paid. Discretionary income –money remaining after bills have been paid.

Important Terms You Need to Know Rational self-interest –Individuals try to maximize the expected benefit achieved with a given cost or to minimize the expected cost of achieving a given benefit. 12/25/2015Template copyright

12/25/2015Template copyright Consumer Spending 32%Housing and household operation 14%Food 5%Clothing 19%Transportation 5%Healthcare 5%Entertainment 9%Life Insurance, Social Security, and Retirement plans 11%Other

12/25/2015Template copyright Basic Buying Principles Gathering Information Using advertising wisely Comparison shopping

12/25/2015Template copyright Consumer Rights The right to safety The right to be informed The right to choose The right to be heard The right to redress

12/25/2015Template copyright Types of advertising Competitive advertising –Advertising that attempts to persuade consumers that a product is different from and superior to any other.

12/25/2015Template copyright

12/25/2015Template copyright Types of advertising Informative advertising –Advertising that gives information about a product.

12/25/2015Template copyright Billy Mays Vince

12/25/2015Template copyright Types of advertising Bait and Switch (deceptive advertising) –An ad that attracts consumers with a low- priced product, then tries to sell them a higher-priced product.

12/25/2015Template copyright A few more terms Comparison shopping –getting information on the types and prices of products available from different stores and companies. Warranty –promise made by a manufacturer or a seller to repair or replace a product within a certain time period if it is found to be faulty.

12/25/2015Template copyright Food and Drug Administration (FDA) –Government agency that protects the public against impure and unsafe foods, drugs, and cosmetics.

12/25/2015Template copyright Brand name –word, picture, or logo on a product that helps consumers distinguish it from similar products. Generic brand –general name for a product. A few more terms

12/25/2015Template copyright Rules for the Supermarket Work the edges –The healthiest foods are found along the walls. Dairy, meats, produce, and seafood are found there. Look high and low –Supermarkets charge “slotting fees” for the prime real estate on the shelves. That is why the Kellogg’s, Krafts, and Proctor & Gambles have products at eye level. The healthy foods are usually located on the top or bottom shelf.

Long lines means you buy more –You are 25% more likely to buy the sodas and candy around you if you have to wait in a long check out line. 12/25/2015Template copyright Rules for the Supermarket

12/25/2015Template copyright FDA Regulations Canned pineapples can contain up to 20% moldy fruit. Canned tomatoes can contain up to 5 fly eggs or 2 maggots per 500 grams. Frozen broccoli can contain up to 60 mites per 100 grams. Ground cinnamon can contain up to 400 insect fragments and 11 rodent hairs per 50 grams. Peanut butter can contain up to 30 insect fragments or 1 rodent hair per 100 grams. Popcorn can contain up to 1 rodent pellet in one sample or 2 rodent hairs per pound. Potato chips can contain up to 6% rotten potatoes.