EPF Consumer Skills

Define impulse buying:

• Making thorough consumer decisions

• Purchasing clothes only

• Rational buying

• Unplanned buying with little consideration

Which of the following is not a characteristic of comparison shopping?

• Emotional buying

• Includes careful consideration

• Evaluate product’s features and quality

• Long‐term satisfaction in quality of product

Define opportunity cost

• Something an individual gives up to receive another

• Looking at other people’s point of view

• Balancing ones’ financial accounts according to available opportunities

• Paying less for specific opportunities such as a sale

Comparison Shopping:

Step ______: Decide exactly what is needed before shopping.

• One

• Two

• Three

• Four

• Five

Comparison Shopping:

Step ______: What is the quality of the products I am comparing?

• One

• Two

• Three

• Four

• Five

Comparison Shopping:

Step ______: What is the total cost?

• One

• Two

• Three

• Four

• Five

Comparison Shopping:

Step ______: How will the product be used?

• One

• Two

• Three

• Four

• Five

Comparison Shopping:

Step ______: Consider the opportunity cost and make a decision.

• One

• Two

• Three

• Four

• Five

Randall needs to make two purchases today -- a box of donuts to share with his homeroom and a pair of running shoes for the upcoming track season. For which item should he do MORE comparison shopping? 

• Neither -- both of these purchases are very easy

• The donuts -- because he wants to get a lot of flavors

• The shoes -- because they need to fit well and last for the whole season

• Both -- you should comparison shop for every item you buy

A popular promotion at stores is "Buy One, Get One Free." Why do stores offer this deal to their customers?

• Stores promote the deal but make you pay for the second item anyway once you're at the cash register

• Stores make money because you still have to pay taxes on the second item

• Great deals convince customers to buy things they don't need and stay loyal to the store or brand

• Most stores are not trying to make a profit, so it doesn't matter if they give away free items