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Describe several ways in which consumers are less than free in making choices about which products to purchase.
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- What factors commonly influence a person’s daily buying choices? Select one of these and explain how one might counteract this influence to improve purchasing behavior.How does change in price affect CONSUMER OPPORTUNITIES?Explain how changes in income (budget constraint) and prices affect consumer consumption choices. Think back to a purchase that you made recently. How did you evaluate whether or not you would be purchasing the item?
- How has the supply and demand for a specific product affected your or your family’s purchasing decisions? Which variables most affect your decision to either buy or not buy a good or service?How would you define consumer behavior?How has the supply and demand of a specific product affected your/your family’s purchasing decisions? What variables most affect your decision to either buy or not buy a good or service?
- Using the consumer choice theory, explain how an individual decides what combination of different products to buy?Would you call your refrigerator a comfort or a necessity?You are shopping for new clothes and you like the style of a shirt. The store clerk tells you they have that shirt in red, blue, orange, and purple, and can offer it in the sizes small, medium, and extra large. How many different shirt options can this store offer?