ZOIES ECON REVIEWER

Consumption

The process of using goods and services to satisfy needs and wants.

Consumer

An individual who purchases and uses goods and services for personal use.

Consumer products

Goods intended for personal, family, or household use.

Engel’s Law

A principle stating that as income increases, the percentage spent on food decreases, while spending on other goods rises.

Imitation

The act of copying others’ consumption behaviors, often influenced by trends or social status.

Bandwagon effect

A phenomenon where people adopt certain behaviors or buy products because others are doing the same.

Price gouging

The unethical practice of raising prices excessively, especially during emergencies or disasters.

Prices

The cost of goods and services influences purchasing decisions.

Income

Higher income allows for increased consumption and vice versa.

Advertisements

Promotional efforts shape consumer preferences and demand.

Occasion

Events or holidays can affect spending habits.

Basic Needs

Right to access essential goods (food, water, shelter, etc.).

Safety

Right to be protected from hazardous products and services.

Information

Right to accurate product details before purchase.

Choose

Right to select from a variety of goods at fair prices.

Representation

Right to have consumer interests considered in policies.

Redress

Right to compensation for defective or harmful products.

Consumer Education

Right to be informed about consumer rights and responsibilities.

Healthy Environment

Right to live in a clean, sustainable environment.

Critical Awareness

Staying informed and questioning product claims.

Action

Speaking up against unfair practices.

Social Concern

Supporting ethical businesses and practices.

Environmental Awareness

Choosing sustainable and eco-friendly options.

Solidarity

Collaborating with others to protect consumer rights.