Yearly

• What is a consumer?

  A consumer is someone who purchases goods and services to satisfy needs and wants.
• What are needs?

  Needs are essential items for survival, such as water, food, and shelter.
• What are wants?

  Wants are items that are not essential for survival, like jewelry and electronic devices.
• What is a good?

  A good is something tangible that you can see and touch, like makeup or a book.
• What is a service?

  A service is something performed for you that cannot be owned, such as a dentist appointment.
• What does the term resources refer to?

  A resource refers to materials, support, substances, or services used to produce products that satisfy needs and wants.
• What is scarcity?

  Scarcity is when the demand for a good or service exceeds its availability.
• What is opportunity cost?

  Opportunity cost is what you give up to satisfy another need or want.
• How do these factors impact choice?

  These factors influence financial choices by helping individuals consider the effects of their purchases now and in the future.
• What are the key factors influencing consumer and financial decisions?

  • Customer Service
  • Price
  • Marketing and Advertising
  • Gender
  • Age
  • Disposable Income
  • Environmental Considerations
  • Social Media
  • Culture
  • Convenience
• How does good customer service affect consumer behavior?

  Good customer service makes individuals feel valued and encourages repeat purchases.
• What role does price play in financial decisions?

  Price influences whether a consumer can afford a good or service and affects their purchasing decisions.
• How can marketing and advertising influence consumer behavior?

  Marketing and advertising can create a desire for products by appealing to insecurities and desires.
• How does gender influence consumer decisions?

  Gender can affect the specific wants and needs a consumer looks for in goods and services.
• How does age affect consumer preferences?

  As people age, their essential goods and services change significantly from childhood to middle age.
• What is disposable income?

  Disposable income is the amount of money available for spending and saving after taxes.
• How do environmental considerations influence consumer choices?

  Consumers may choose products with minimal or recyclable packaging due to environmental awareness.
• How does social media affect consumer behavior?

  Social media allows celebrities and influencers to promote products, creating desire and influencing purchasing decisions.
• What role does culture play in consumer decisions?

  Cultural factors shape values, perceptions, and wants, influencing buying behavior.
• How does convenience influence consumer choices?

  Consumers prefer products or services that are readily available and easily accessible.
• What should an individual consider when deciding whether to spend or save?

  • Develop a budget or financial plan
  • Ensure enough money for needs and wants
  • Consider income and willingness to lose money
  • Assess patience in saving
• What are the pros and cons of saving and spending?

  Pros of Saving:

  • Creates a safety net
  • Limits debt
  • Helps pay for retirement

  
  

  Cons of Saving:

  • Interest rates may vary
  • Inflation can erode savings
  • Cannot purchase wants

  
  

  Pros of Spending:

  • Allows for unplanned financial needs
  • Can purchase wants and needs

  
  

  Cons of Spending:

  • Debts may pile up
  • No emergency fund
  • Retirement may be threatened
• What types of goods and services do consumers buy?

  Consumers buy consumables, household goods, luxury items, repair, and information services.
• What should consumers consider when purchasing items?

  Consumers should consider shop prices, brand prices, and avoid pressure to buy quickly.
• What is comparison shopping?

  Comparison shopping involves comparing similar products to meet specific needs and get the best deal.
• What are the options for where to buy products or services?

  Consumers can buy locally, regionally, interstate, or globally, and through physical or online shopping.
• What are the advantages and disadvantages of cash payments?

  Advantages include no surcharge and easier budgeting; disadvantages include theft and less convenience.
• What are the advantages and disadvantages of credit card payments?

  Advantages include convenience and fraud protection; disadvantages include overspending and credit damage.
• What are the advantages and disadvantages of EFTPOS payments?

  Advantages include quicker transactions; disadvantages include unauthorized payments and card skimming.
• What are the advantages and disadvantages of BPAY payments?

  Advantages include smarter billing; disadvantages include not being automatic unless set up.
• What are the advantages and disadvantages of direct debit payments?

  Advantages include no late payments; disadvantages include overdraft fees if funds are insufficient.
• What are the advantages and disadvantages of cheque payments?

  Advantages include security; disadvantages include time-consuming processes to get money.
• What are the advantages and disadvantages of lay-by payments?

  Advantages include paying on sale price; disadvantages include not receiving the product immediately.
• What are the advantages and disadvantages of book-up payments?

  Advantages include helping those with little income; disadvantages include poor record-keeping by store owners.
• What are the advantages and disadvantages of Afterpay payments?

  Advantages include interest-free repayments; disadvantages include potential interest if payments are late.
• What are the advantages and disadvantages of gift card payments?

  Advantages include minimizing fraud; disadvantages include not being actual money.
• What are the advantages and disadvantages of prepaid card payments?

  Advantages include budgeting; disadvantages include not helping to build credit.
• What are the advantages and disadvantages of online payments?

  Advantages include convenience; disadvantages include technical problems and password threats.
• What are the advantages and disadvantages of instant payment with PayID?

  Advantages include fast and secure payments; disadvantages include risks from cybercriminals.
• What should an individual consider when deciding between cash and cashless transactions?

  Cash allows easy budgeting, while cashless payments are safer and more efficient.