Economics: Chapter 3 Your role as a Consumer.

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Presentation transcript:

Economics: Chapter 3 Your role as a Consumer

Section 1 Disposable Income, Your income after taxes have been paid. Discretionary Income, After necessities are bought the income you have for extras. Consumer, any person or group that buys or uses goods and services to satisfy personal wants.

Decision Making as a Consumer 1. Scarce resources, after you decide to make a purchase time and money are two scarce resources you have. 2. Opportunity Cost, what is the cost of the next best alternative. 3. Rational choice, the alternative that has the greatest value.

Section 2 The three basic buying principles Gathering information, using your time wisely. Using advertising wisely Competitive advertising, convince the consumer your product is better. Take away customers. Informative advertising

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