{"id":283,"date":"2018-04-05T00:18:57","date_gmt":"2018-04-05T00:18:57","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/os-microecon-e2\/chapter\/introduction-to-consumer-choices\/"},"modified":"2018-05-03T15:33:40","modified_gmt":"2018-05-03T15:33:40","slug":"introduction-to-consumer-choices","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/suny-fmcc-microeconomics\/chapter\/introduction-to-consumer-choices\/","title":{"raw":"Introduction to Consumer Choices","rendered":"Introduction to Consumer Choices"},"content":{"raw":"
\r\n\r\n[caption id=\"\" align=\"aligncenter\" width=\"780\"]\"This Figure 6.1 Investment Choices<\/strong> We generally view higher education as a good investment, if one can afford it, regardless of the state of the economy. (Credit: modification of work by Jason Bache\/Flickr Creative Commons)[\/caption]<\/figure>\r\n
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Bring it Home<\/h3>\r\n

\"Eeny, Meeny, Miney, Moe\"\u2014Making Choices<\/h4>\r\n

The 2008\u20132009 Great Recession touched families around the globe. In too many countries, workers found themselves out of a job. In developed countries, unemployment compensation provided a safety net, but families still saw a marked decrease in disposable income and had to make tough spending decisions. Of course, non-essential, discretionary spending was the first to go.<\/p>\r\n

Even so, there was one particular category that saw a universal increase in spending world-wide during that time\u2014an 18% uptick in the United States, specifically. You might guess that consumers began eating more meals at home, increasing grocery store spending; however, the Bureau of Labor Statistics\u2019 Consumer Expenditure Survey, which tracks U.S. food spending over time, showed \"real total food spending by U.S. households declined five percent between 2006 and 2009.\" So, it was not groceries. What product would people around the world demand more of during tough economic times, and more importantly, why? (Find out at chapter\u2019s end.)<\/p>\r\n

That question leads us to this chapter\u2019s topic\u2014analyzing how consumers make choices. For most consumers, using \"eeny, meeny, miney, moe\" is not how they make decisions. Their decision-making processes have been educated far beyond a children\u2019s rhyme.<\/p>\r\n\r\n<\/div>\r\n

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Introduction to Consumer Choices<\/span><\/h3>\r\n<\/div>\r\n<\/div>\r\n
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Introduction<\/h3>\r\n

In this chapter, you will learn about:<\/p>\r\n\r\n