UGA HACE 3100 - Exam 1 Study Guide (15 pages)

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Exam 1 Study Guide

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Exam 1 Study Guide


A comprehensive, 15 page study guide for exam #1 for FHCE 3100 (formerly known as HACE 3100). Includes all lecture notes and information from the textbook readings.

Study Guide
University of Georgia
Hace 3100 - Intro Cons Econ
Intro Cons Econ Documents

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FHCE HACE 3100 Exam 1 Study Guide Chapter 1 Economy Greek word meaning one who manages the household Economics study or science of production distribution consumption Goldsmith Economics study of how society manages scarce resources Miller scarcity resources are limited society cannot produce everything everyone wants this implies choice and cost resources things used to produce other things to satisfy people s needs wants these provide the means to satisfy the family system s demands material resources vs human resources i e oil vs intelligence Economists study how people make decisions how they interact with each other and the forces trends that affect the economy as a whole Consumer economics the study of how people deal w scarcity fulfill needs and select among alternate goods actions and services Consumers individuals groups who obtain use maintain and dispose of goods services in order to fulfill needs increase satisfaction Why study consumer economics to apply course knowledge to personal decisions to apply knowledge to social issues to overcome passivity and understand your own place in the economy to become a consumer protection advocate standing up for consumer rights i e Ralph Nader Clark Howard Goods vs Services tangible vs intangible goods Satisfaction well being utility interchangeable terms The Road to Consumer Economics Adam Smith 1776 The Wealth of Nations founder of modern economics consumers act on their own self interest and markets work with an invisible hand capitalism social system based on recognition of individual rights under this economics separated from the state consumerism believe that goods give meaning to individuals and their roles in society buying goods services based to some degree on trust consumption doesn t always result in higher satisfaction i e buying unsatisfactory good service injurious consumption fraud Caveat emptor may the buyer beware Class action lawsuits What Affects Consumer Decisions Maslow s Hierarchy of Needs

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