UGA FHCE 3100 - Final Exam Study Guide (33 pages)

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Final Exam Study Guide



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Final Exam Study Guide

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Includes notes from Ch.1,2,12,13 Timeline of important dates Financial crises explained


Pages:
33
Type:
Study Guide
School:
University of Georgia
Course:
Fhce 3100 - Introduction to Personal Finance
Edition:
1

Unformatted text preview:

FHCE 3100 1st Edition Final Exam Study Guide Chapters 1 2 5 12 13 Also includes list of important dates and the banking crises explained Chapter 1 2 What does economy mean The word comes from a Greek word for one who manages a household Economics is the study or science of production distribution and consumption Goldsmith Economics is the study of how society manages its scarce resources Miller Scarcity means that society has limited resources and therefore cannot produce all the goods and services people wish to have Scarcity not enough resources available to satisfy one s needs and wants and choices scarcity is created due to unlimited wants combined with limited supplies The management of society s resources is important because they are scarce Scarcity implies choice and choice implies cost What do economists study How people make decisions How people interact with each other The forces and trends that affect the economy as a whole What is consumer economics The study of how people deal with scarcity fulfill needs and select among alternative goods services and actions Why do we study consumer economics To apply course knowledge to personal decisions Ex when you pump gas ALWAYS disconnect from your card To apply course knowledge to social issues Ex health care these issues will affect you To overcome passivity to understand and own your place in the economy To become a Consumer Protection Advocate Standing up for your consumer rights ex Clark Howard Who are consumers Individuals and groups who obtain us maintain and dispose of goods products and services to fulfill needs and increase satisfaction Satisfaction utility wellbeing Goods v Services Good tangible object ex Car Service intangible actions you buy the service ex Catering service Buying goods and services is an act of trust Consumption may not always bring satisfaction There are unsatisfactory products Injurious consumption happens when individuals or families make consumption decisions that will have



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