Economics Today and Tomorrow
Your Role as a Consumer
A consumer is a person or group that buys or uses goods and services to satisfy personal needs and wants. Wise consumers use certain principles or strategies when making purchases, and they know about their rights and responsibilities. These are the topics discussed in Chapter 3.
The chapter explains how consumers can make rational choices regarding their disposable and discretionary income by basing their decisions on opportunity costs. Also explored are the three basic buying principles used by wise consumers and how to distinguish between competitive advertising and informative advertising to make good consumer decisions.
The chapter focuses on the consumerism movement, discussing the various public and private agencies that provide information and help with consumer problems. A discussion about consumer responsibility concludes the chapter.