Financial Literacy
Financial literacy, particularly in areas that are relevant to consumers such as credit, interest rates, savings and investment. For example, modeling the costs of high interest loans and credit cards.Market Economics
The basic economics of markets. For example, an overview of information asymmetry whereby sellers often have much more information about a product, service or asset than the buyer.Behavioral Economics
Behavioral economics including the common behaviors of consumers and firms. For example, irrational purchases driven by a fear of missing out or decision fatigue.Pricing
An overview of common pricing practices such as price discrimination whereby sellers try to sell at a higher price to consumers with low price sensitivity.Quality
The factors that influence the quality of products and services. For example, comparing the safety characteristics of different bicycle helmets.Cost
Modeling the total cost of ownership of products and services. For example, a cheap printer that constantly needs expensive cartridges versus an ink tank printer that has a higher purchase cost but far lower operational cost.Consumer Protection
An overview of consumer protection laws, consumer rights and fair commercial practices. For example, when you have the right to return an item or cancel a contract without penalty.Health, Safety & Wellness
Special attention may be paid to products that influence health, safety and wellness such as the nutritional value of food products.Media & Consumers
A critical look at advertising and media promotion of products and how this influences consumers.Consumer Society
Social aspects of consumerism. For example, a brand that represents social status such that it sells products and services with very high profit margins. This represents commoditization of the human experience whereby products and services try to serve needs that were once non-commercial.Ethical Consumerism
Investigating the impact of purchases on people and planet.| Overview: Consumer Education | ||
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Definition | Education that prepares individuals to participate in markets as a informed consumer. | |
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