home ec consumer studies

• What will you learn in the Consumer Decisions section?

  Difference between goods and services
• What is a consumer?

  A consumer is anyone who uses goods or services
• What are goods and services?

  • Goods: Products that are bought (e.g., food, clothes)
  • Services: Doing work for another usually involving payment (e.g., hairdressing, car repair)
• What are needs?

  Things we cannot do without
• What are wants?

  Things we would like to have but can live without
• How do needs and wants change through the life cycle?

  • Needs: Remain constant (e.g., food, shelter)
  • Wants: Change based on lifestyle and preferences (e.g., technology, travel)
• What factors influence consumer decisions?

  Money, needs and wants, peer pressure, trends, advertising, personal values
• How does money influence consumer decisions?

  Limited money may prevent buying expensive brands
• What is peer pressure?

  Worry about exclusion from peers due to possessions
• How do trends affect consumer behavior?

  Manufacturers introduce trends to maintain sales
• What role does advertising play in consumer decisions?

  It makes products desirable through various techniques
• How do personal values influence consumer decisions?

  They affect preferences for certain products
• What is impulse buying?

  Buying something without thinking carefully
• What is the decision-making process?

  1. Identify the problem and goal
  2. Research and collect information
  3. List possible solutions
  4. Weigh pros and cons
  5. Discuss with others
  6. Make a choice
  7. Take action
  8. Evaluate your action
• What is the first step in the decision-making process?

  Identify the problem or goal
• What is the last step in the decision-making process?

  Evaluate your action
• What are the advantages of online shopping?

  Large choice, easy price comparison, convenience
• What are the disadvantages of online shopping?

  Impulse buying, quality issues, inconvenient returns
• What is one advantage of online shopping?

  Convenience of ordering from home
• What is one disadvantage of online shopping?

  Goods may not meet expectations
• What are the methods of payment?

  • Cash
  • Debit cards
  • Credit cards
  • PayPal
• What is an advantage of using cash?

  Less likely to overspend and get into debt
• What is a disadvantage of using cash?

  Not very secure if lost or stolen
• How do debit cards work?

  Inserted into a machine and PIN entered
• What is an advantage of debit cards?

  You can only spend money you have
• What is a disadvantage of debit cards?

  Easy to lose track of payments
• What can credit cards be used for?

  Buying goods and services on credit
• What is an advantage of credit cards?

  Buy now and pay later without interest
• What is a disadvantage of credit cards?

  Can lead to credit card debt
• What is PayPal?

  An online payments system for transactions
• What is an advantage of using PayPal?

  Less likely to expose card details to fraud
• What is a consumer?

  Anyone who uses goods or services
• What are goods?

  Products that are bought
• What are services?

  Doing work for another usually involving payment
• What is a need?

  Things we cannot do without
• What is a want?

  Things we would like to have but can live without
• How do needs and wants change through the life cycle?

  Needs and wants evolve as people's circumstances and priorities change over time
• Which bicycle should Sean buy?

  The bicycle that best meets his needs and budget
• Will Sean have to make any sacrifices to purchase the bicycle?

  Yes, he may have to forgo other wants to afford the bicycle
• What are the factors that influence consumer decisions?

  Money, needs and wants, peer pressure, trends, advertising, and personal values