1. Chapter 2 Consumer Management Skills

2. What’s Most important? 2-1 Priorities= your judgments about the relative importance of alternatives- what’s important to you? Needs= things you have to have in order to survive( food, clothing, shelter) Wants= things you desire Values= strongly held beliefs about what is worthwhile

3. Standards= established levels of quality Goals= targets for what you want to accomplish Family life cycle= the series of stages through which a family passes

4. 2-2 Managing Limited resources Resources – includes anything that is useful in the process of achieving goals Human Time Financial Technology Community Natural

5. Scarcity= satisfying unlimited wants with limited resources Opportunity costs= what you give up for something else Using Resources Effectively Expand resources Conserve resources Substitute resources Exchange recourses

6. Management Skills Management- process of using resources to effectively reach goals The Management Process Plan Organize Implent Evaluate

7. Manage Money= budget Managing Time and Money= Stay focused Identify time wasters Get organized Plan ahead Make a list Take action Make use of time

8. 2-3 Making Consumer Decisions Impulse Buying = made on a whim, without thought or plan- results in overspending Decision Makings Steps Identify decision Identify resources and collect info What are your options? And weigh them Chose your option Take action Evaluate the decision

9. Factors that affect consumer decisions Personal factors- needs, wants, goals, hunger, etc. Family Factors Culture Social Factors- fads, status symbol, brands Economic = $$ Technology Media Marketplace Legal and moral factors

10. 2.4 Evaluating Information Sources Critical Thinking- applying reasoning strategies in order to make sound decisions Evaluating Information What is the source of the info? What expertise does the source have? Credentials – license, or certificates Is the Source bias? – Is the info fact or opinion? How can you confirm info? Is it supicisious?

11. Sources of Consumer Information Protection Agencies Professional Advisors Media sources Package info Advertising Sales people Other consumers

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