Consumer Management Skills Consumer Education Chapter 2 Setting

Consumer Management Skills Consumer Education Chapter -2

Setting Priorities and Goals-Section 2. 1 • Priorities- a person’s judgment about the relative importance of something or some activity. • Needs- what you must have to accomplish your goal • Wants- things that are nice to have but not necessary to survive. • Values- are strongly held beliefs and principles about what is worthwhile to a person or group of people. • Standards- something established by authority, custom, or general consent as a model, example, rule, or point of reference. • Goals-the objective of a person's ambition or effort; an aim or desired result.

Managing Limited Resources – Section 2. 2 • Types to resources • • Human Time Financial (money) Materials and technology • Scarcity and Opportunity Cost • Using Resources Effectively • • Expand Conserve Substitute Exchange (Bartering)

Managing Limited Resources – Section 2. 2 • Management Process 1. Planning 2. Organizing 3. Implementing 4. Evaluating

Making Consumer Decisions- Section 2. 3 • Decision making steps (DO NOT impulse buy) 1. Identify the decision 2. Identify resources and collect information 3. Identify the options 4. Weigh the options 5. Choose the best option 6. Take action 7. Evaluate the decision

Making Consumer Decisions- Section 2. 3 • Factors affecting consumer decisions • • • Personal Family Culture Social (fads and status symbols) Societal and demographic Economic Technology Marketplace Legal and moral

Evaluating information Sources- Section 2. 4 • Critical thinking- applying reasoning strategies in order to make a sound decision. ( using common sense) • Sources of Consumer Information • • • Professional Media Package information Advertising Salespeople Other consumers