Application of the Concept of Consumer Bahavior
1.) How do you relate consumer bahavior to society?
2.) What are examples of social issues?
If you were ask an economist about his or her observation on consumer behavior , he or she might answer consumer behavior shows that consumers think before they act.
If consumers benefit change, then the consumers decisions might change as well. This involves the process of choosing which option gives the highest utility or satisfaction in relation to the cost they bear.
The concepts of consumer behavior can be related to social problems such as traffic, pollution and crime. Through economics, these problems can be handled or solved by logical means.
Often, examining social problems and suggesting solutions depend on understanding consumer behavior. Where did these problems come from? How do you solve these problem using what you have learned in economics?
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