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.
Bandwagon effect/Imitation – Consumers buy products based on trends or peer influence.

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.