Consumer Economics: Issues and Behaviors

by Elizabeth B. Goldsmith

Overview

From artificial intelligence to identity theft, from what we once thought of as unshakeable institutions to increasing concerns about privacy and sustainability, consumer issues are an integral part of daily life. This updated fourth edition of Consumer Economics offers students an accessible and thorough guide to the concerns surrounding the modern consumer and brings to light the repercussions of making uninformed decisions in today’s global economy.

This definitive textbook introduces students to these potential issues and covers other key topics including consumer behavior, the history of the consumer movement, personal finance, legal rights and responsibilities, and marketing and advertising. Combining theory and practice, students are introduced to both the fundamentals of consumer economics and how to become better-informed consumers themselves.

Highlights in this new edition include the following:

• New case studies and critical thinking projects to encourage students to develop their critical thinking skills through analyzing consumer issues.
• Expanded coverage of social media and the impact of social influence on consumers.
• Revised consumer alerts: practical advice and guidance to help students make smart consumer decisions.
• A companion website with PowerPoint slides for each chapter.

Fully updated, this textbook is suitable for students studying consumer sciences—what works, what does not, and how consumers are changing.

Product Details

ISBN-13:	9781000334685
Publisher:	Taylor & Francis
Publication date:	05/24/2021
Sold by:	Barnes & Noble
Format:	eBook
Pages:	514
File size:	14 MB
Note:	This product may take a few minutes to download.

About the Author

Elizabeth B. Goldsmith is Professor Emerita in the College of Human Sciences at Florida State University and Research Affiliated Faculty in the College of Liberal Arts and Human Sciences at Virginia Tech University, USA. She is a Fulbright Scholar, awarded grants from Stanford University, the Smithsonian, and Duke University, and has served as Domestic Policy Advisor for the White House and as advisor on bankruptcy education for the US Department of Justice.

Read an Excerpt

We must be the change we wish to see in the world.
– Mahatma Gandhi

Consumer economics—since it mirrors social and economic change—is a very fastpaced discipline. The purpose of this book is to provide an updated look at the consumer movement and the intricacies of consumer behavior. It addresses who buys, what, how, when, and why. It also looks at the forces that impact consumer choice in an ever-changing and often turbulent world. Quality of life and well being are seen as end states, which consumers pursue in their decision making. Too often consumer books have focused on problems and complaints, and although these are addressed, solutions are also presented.

The 21st century has brought us a keen awareness of company frailties and less than perfect ethics. Exposure of company fraud and excesses is constantly in the news eroding consumer confidence. Personal bankruptcies and the number of consumer complaints have hit all time highs. In short, we have a way to go before we reach a truly functioning and fair marketplace. This book traces this pursuit through time and across countries. Adding to the global approach has been the Internet, which has pushed privacy issues to the forefront while at the same time opening up competition in products, information, and user practices. From the consumer point of view, competition is nearly always favorable. But in all things there are tradeoffs; and identity theft, which can happen in-person, or over the Internet, is the current number one consumer concern.

Today's consumer is operating in a much more complex marketplace than could ever have been envisioned by Adam Smith, founder of modern economics, who argued that consumers—not kings or parliaments—should rule nations. There is no doubt that the consumer is still sovereign, but controlling resources is becoming increasingly difficult. "New" consumers are about so much more than saving money and fighting the urge to buy on impulse. The following list highlights how the text's coverage seeks to explain the behavior and issues surrounding these new consumers.

• The text presents 14 chapters designed to be manageable in a semester long course, detailing the unique ideas and solutions that lead to more successful consumer experiences.
• Students like examples that relate to their own lives, so every effort has been made to give student-based examples such as landlord-tenant disputes, sorting through credit card and cellular phone offers, purchasing cars and vehicle repairs, and choosing travel and various other "deals" wisely.
• The Internet and e-commerce play very big roles in this text. The trend toward buying online or at least shopping around for information is well documented.
• More universities are incorporating consumer behavior into their consumer courses, and this combination is reflected in the title and the content. Advertising and media impacts are highlighted. At the same time, economics, environmental studies, public policy, and law are not neglected. The legal aspects of consumerism are especially emphasized.
• The text is unique in its introduction of a circular flow model and in its coverage of the process of consumption from beginning to end.
• A full chapter on consumption shifts and the consumer movement is also unique. It is amazing to see the types of products that consumers once used often to their detriment and how the government stepped in to make the marketplace safer. Personalities are included to add "faces" to the policy changes.
• What to eat and drink are daily consumption decisions we all make. The chapter provides state-of-the-art scientific and behavioral knowledge on diets, organically grown food, genetically altered food, additives, food-related disease, fast food versus the slow food movement, and bottled water consumption.
• Next, is a chapter on health and wellness, another keystone area in consumerism. Skyrocketing health care costs, recalls of medical devices, the latest in cosmetics and treatments, and alcohol and tobacco consumption patterns are all explored.
• Practical matters regarding purchasing homes, cars, insurance, and investments are covered. Warranties and guarantees are addressed as well as product safety and awareness of "get rich quick" schemes.
• The last chapter zeros in on identity theft and how to avoid it. Also covered are a variety of other topics such as vulnerable populations and global consumption and it finishes with a look toward the future.
• Since terms and words are so important in consumer economics, key terms are highlighted in the text and appear again in the Glossary to aid in study.
• Careers in consumer economics are mentioned throughout and again in the Appendices. When this book went to press the U.S. Securities and Exchange Commission announced they were hiring 800 new employees mostly as investigators. The career opportunities for those trained in consumer economics are boundless whether in community service, government service, corporate consumer affairs, association or trade organizations, education, or law.
• To aid instructors, ancillaries include an instructor's manual with a test item file and outlines and PowerPoints.

Table of Contents

Part 1 Consumer perspectives 1. Consumers in a changing world 2. The consumer movement 3. Consumer theories and models Part 2 Consumer protection 4. Consumer protection and law 5. Government protection, consumer groups, and the media Part 3 Consumers in the marketplace 6. Brands, buying process, and product development 7. Decision-making and advertising 8. Food and water issues 9. Health and wellness issues 10. Sustainability and safety 11. The Internet, technology, and identity theft 12. Being a better consumer of housing and vehicles Part 4 Consumers in the financial marketplace 13. Banking, debt, and credit issues 14. Insurance and investment issues Part 5 Emerging consumer issues and the global perspective 15. Issues, ethics, and globalization

Preface

We must be the change we wish to see in the world.
– Mahatma Gandhi

Consumer economics—since it mirrors social and economic change—is a very fastpaced discipline. The purpose of this book is to provide an updated look at the consumer movement and the intricacies of consumer behavior. It addresses who buys, what, how, when, and why. It also looks at the forces that impact consumer choice in an ever-changing and often turbulent world. Quality of life and well being are seen as end states, which consumers pursue in their decision making. Too often consumer books have focused on problems and complaints, and although these are addressed, solutions are also presented.

The 21st century has brought us a keen awareness of company frailties and less than perfect ethics. Exposure of company fraud and excesses is constantly in the news eroding consumer confidence. Personal bankruptcies and the number of consumer complaints have hit all time highs. In short, we have a way to go before we reach a truly functioning and fair marketplace. This book traces this pursuit through time and across countries. Adding to the global approach has been the Internet, which has pushed privacy issues to the forefront while at the same time opening up competition in products, information, and user practices. From the consumer point of view, competition is nearly always favorable. But in all things there are tradeoffs; and identity theft, which can happen in-person, or over the Internet, is the current number one consumer concern.

Today's consumer is operating in a much more complex marketplace than could ever have been envisioned by Adam Smith, founder of modern economics, who argued that consumers—not kings or parliaments—should rule nations. There is no doubt that the consumer is still sovereign, but controlling resources is becoming increasingly difficult. "New" consumers are about so much more than saving money and fighting the urge to buy on impulse. The following list highlights how the text's coverage seeks to explain the behavior and issues surrounding these new consumers.

• The text presents 14 chapters designed to be manageable in a semester long course, detailing the unique ideas and solutions that lead to more successful consumer experiences.
• Students like examples that relate to their own lives, so every effort has been made to give student-based examples such as landlord-tenant disputes, sorting through credit card and cellular phone offers, purchasing cars and vehicle repairs, and choosing travel and various other "deals" wisely.
• The Internet and e-commerce play very big roles in this text. The trend toward buying online or at least shopping around for information is well documented.
• More universities are incorporating consumer behavior into their consumer courses, and this combination is reflected in the title and the content. Advertising and media impacts are highlighted. At the same time, economics, environmental studies, public policy, and law are not neglected. The legal aspects of consumerism are especially emphasized.
• The text is unique in its introduction of a circular flow model and in its coverage of the process of consumption from beginning to end.
• A full chapter on consumption shifts and the consumer movement is also unique. It is amazing to see the types of products that consumers once used often to their detriment and how the government stepped in to make the marketplace safer. Personalities are included to add "faces" to the policy changes.
• What to eat and drink are daily consumption decisions we all make. The chapter provides state-of-the-art scientific and behavioral knowledge on diets, organically grown food, genetically altered food, additives, food-related disease, fast food versus the slow food movement, and bottled water consumption.
• Next, is a chapter on health and wellness, another keystone area in consumerism. Skyrocketing health care costs, recalls of medical devices, the latest in cosmetics and treatments, and alcohol and tobacco consumption patterns are all explored.
• Practical matters regarding purchasing homes, cars, insurance, and investments are covered. Warranties and guarantees are addressed as well as product safety and awareness of "get rich quick" schemes.
• The last chapter zeros in on identity theft and how to avoid it. Also covered are a variety of other topics such as vulnerable populations and global consumption and it finishes with a look toward the future.
• Since terms and words are so important in consumer economics, key terms are highlighted in the text and appear again in the Glossary to aid in study.
• Careers in consumer economics are mentioned throughout and again in the Appendices. When this book went to press the U.S. Securities and Exchange Commission announced they were hiring 800 new employees mostly as investigators. The career opportunities for those trained in consumer economics are boundless whether in community service, government service, corporate consumer affairs, association or trade organizations, education, or law.
• To aid instructors, ancillaries include an instructor's manual with a test item file and outlines and PowerPoints.

Editorial Reviews

Consumer Economics presents rich and updated information about important consumer economics topics based on solid research, demonstrating the focus of consumer economics, to improve consumer wellbeing.
Jing Jian Xiao, Professor in the Department of Human Development and Family Studies at University of Rhode Island

This remarkable book is extremely relevant to people today both personally and professionally. Over the years we used the first three editions and are looking forward to using the 4^th edition.

Candy Sebert, Professor Emeritus, Career Tech & Workforce Development Program Coordinator, Adjunct Professor, Adult Education and Safety Sciences, University of Central Oklahoma

Praise for the 3rd edition:

‘I have used Professor Goldsmith’s Consumer Economics: Issues and Behaviors text for several years and am delighted to add her newest version to my Consumer Economics class. The book is written in such a user-friendly way that the reader may forget that s/he is reading a textbook. The information in this newest version is up-to-date and relevant to consumers of every age. The content will likely inspire a new generation of consumer advocates.’ Dr. Diann Moorman, Associate Professor at the University of Georgia, USA

‘Consumer Economics: Issues and Behaviors by Elizabeth B. Goldsmith provides an all-encompassing introduction and overview to the study of consumerism. The detailed examples, discussion questions and resources serve to engage students from varying disciplines in the exploration of their rights and responsibilities as a consumer.’
Linda A. Bradley, Ph.D., Department of Family and Consumer Sciences, California State University, Northridge, USA

‘Dr. Goldsmith’s latest edition of Consumer Economics: Issues and Behaviors contains all the elements of an excellent text. As an instructor, I use the quotes from each chapter as an introduction to each class session. The students connect with the practical nature of the case studies that reflect chapter content. The real life examples and high interest topics connect easily with students and lead to lively discussion. I look forward to utilizing this updated text to enhance my classes.’
Susan A. Reichelt, Ph.D., Chair and Associate Professor, Sam Houston State University, USA

From the Publisher