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Mastering Consumer Economics: A Guide to Smart Decisions

Delve into the world of consumer economics with insights on earning, saving, borrowing, and budgeting money. Explore how producers target consumers and learn to make informed decisions. Understand your consumer rights for a savvy approach to spending.

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Mastering Consumer Economics: A Guide to Smart Decisions

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  1. BR: Identify as many of these as you can.

  2. Being A Smart Consumer

    Consumer Economics
  3. Overview We’ve learned how to earn, save, borrow, and budget money. How do producers target us as consumers? Will we make wise consumer decisions? Do you know your rights as a consumer?
  4. Consumer Rights (JFK 1962) and Responsibilities Consumer Rights Consumer Responsibilities 1. Use products safely 2. Use information wisely 3. Choose carefully 4. Express satisfaction or dissatisfaction 5. Seek redress 6. Be an educated consumer 7. Contribute to a healthy environment 1. Right to Safety 2. Right to be Informed 3. Right to Choose 4. Right to be Heard 5. Right to Redress 6. Right to Consumer Ed 7. Right to a Healthy Environment
  5. The Consumer Movement Seeks to protect and inform consumers. Higher level of government involvement in consumer affairs. Honest advertising Product warranties Safety standards
  6. Organizations that Protect Consumers Federal Trade Commission (FTC) Protects consumers from unfair business practices such as misleading ads or false info on product labels. EnvironmentalProtectionAgency (EPA) Makes sure businesses follow environmental laws/ regulations. Better Business Bureau (BBB) Helps to resolve complaints between consumers and businesses. Promotes honest advertising and selling practices. Recommends honest businesses
  7. Product Labeling
  8. Warranties A warranty is a promise that a product will meet specific standards over time or the company will repair, replace, or refund it. Full Warranty The entire product is covered for the set time period. Limited Warranty A specific part(s) of the product is covered for the set time period. Implied Warranty Product will fulfill the basic purpose for which it was designed…if not, it can be returned.
  9. Advertising and Marketing Businesses advertise in order to convince consumer to buy their products. Introduce a new product Highlight features of a product Compare to another product. Types of ads include: TV commercials, radio spots, magazine/ newspaper, and internet ads. Brand advertising- remember a specific brand or product. Jingles Ba da dadadaaaaaa… 773-202-________ Slogans “I’m Lovin It!” “Just Do It” “Eat Fresh” Logos Golden Arches Swoosh
  10. Common Logos and Slogans
  11. More logos
  12. Types of Advertising Informative Ad Educate about the product’s benefits Car ads Comparative Ad Compare to a rival product May be heavily biased Cable TV ads, “the other guys…” Defensive Ad Usually a response to comparative ads Persuasive Ad Appeals to emotions, doesn’t provide much useful info Cigarette ads, clothing “Nonsense”Ad These ads don’t even seem to be selling a specific product, just promoting a brand or making people laugh. Beer commercials
  13. Which type of ad?
  14. Which type of ad?
  15. Which type of ad?
  16. Deceptive Ads vs. Puffery Puffery Deceptive Advertising Makes claims that are factually wrong. Claims must be backed by science or research. Government can fine companies that use deceptive ads. Exaggeration in advertising. Subjective/ opinion Puffery is legal.
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