FHCE 3100 MOORMAN EXAM 1 WITH COMPLETE SOLUTIONS
100% VERIFIED!!
Factors that Influence Consumers
Economics
History
Consumer Culture
Individual Traits
Physciological Needs
Desire for Technology
Political Area, gov't standards, etc.
Consumption Process
Awareness
Thinking
Planning
Implementing
Evaluating
Awareness
Step 1, what are the needs and wants
ex)broken computer makes us aware another one is needed
,Thinking
Step 2, gather information
ex)chooses classes and what teachers one wants
Planning
Step 3, shopping around
ex)Planning a date on the day you will get your paycheck
Implementing
Step 4, buying
ex)You actually put the $50 paycheck into the bank
Evaluation
Step 5, would you re-purchase? Compared to something else was this the right choice?
ex) Louis Vutton vs. Weekend Trip?
, ex) Was it worth it? Did the date bring you the satisfaction you expected?
Economics
study of production, distribution, and consumption
study of how societies use scarce resources to produce valuable commodities and
distribute them among different people
Business Cycle
refers to the periodic fluncuations of economic activity
Expansion
prosperity, growth, high output, low unemployment, increased retail sales and housing
Unemployment
people without work and actively looking for work in the prior 4 weeks
Keep in mind...The people who are post 4 weeks are not counted as unemployed, even
though they are. This causes the unemployment rate to seem much lower than in reality
100% VERIFIED!!
Factors that Influence Consumers
Economics
History
Consumer Culture
Individual Traits
Physciological Needs
Desire for Technology
Political Area, gov't standards, etc.
Consumption Process
Awareness
Thinking
Planning
Implementing
Evaluating
Awareness
Step 1, what are the needs and wants
ex)broken computer makes us aware another one is needed
,Thinking
Step 2, gather information
ex)chooses classes and what teachers one wants
Planning
Step 3, shopping around
ex)Planning a date on the day you will get your paycheck
Implementing
Step 4, buying
ex)You actually put the $50 paycheck into the bank
Evaluation
Step 5, would you re-purchase? Compared to something else was this the right choice?
ex) Louis Vutton vs. Weekend Trip?
, ex) Was it worth it? Did the date bring you the satisfaction you expected?
Economics
study of production, distribution, and consumption
study of how societies use scarce resources to produce valuable commodities and
distribute them among different people
Business Cycle
refers to the periodic fluncuations of economic activity
Expansion
prosperity, growth, high output, low unemployment, increased retail sales and housing
Unemployment
people without work and actively looking for work in the prior 4 weeks
Keep in mind...The people who are post 4 weeks are not counted as unemployed, even
though they are. This causes the unemployment rate to seem much lower than in reality
