Consumer Habits and Economic Impact

The video tutorial guides viewers on becoming wise consumers in a digital world. It defines consumers, goods, and services, and explores the factors influencing consumer needs and wants. The tutorial discusses decision-making processes, shopping strategies, and the importance of consumer rights and protections. It also highlights the environmental impact of consumption and encourages sustainable practices.

What is the primary role of a consumer in the economy?

• To provide financial advice

• To regulate market prices

• To use or purchase goods and services

• To produce goods and services

Which of the following is considered a necessity?

• A holiday

• A boat

• A second car

• Medicine

What factor does NOT influence consumer decisions?

• Occupation

• Health

• Weather

• Finances

Which type of store is known for offering a wide range of products at low prices in Australia?

• Online marketplaces

• Discount stores

• Local farmers' markets

• Luxury boutiques

What is a common consequence of impulse buying?

• Increased savings

• Improved product quality

• Purchasing faulty goods

• Better financial planning

Under Australian consumer law, when can a consumer request a refund?

• If they find a cheaper price elsewhere

• If they change their mind

• If they no longer need the product

• If the product is faulty

What should consumers avoid to protect themselves from scams?

• Providing payments to strangers

• Using credit cards

• Shopping online

• Buying from well-known brands

What is a significant environmental concern related to consumer habits?

• Limited advertising

• Overconsumption of resources

• Overproduction of goods

• Excessive recycling

Which of the following is a way to reduce your ecological footprint?

• Buying more disposable products

• Using fuel-efficient cars

• Increasing energy consumption

• Avoiding recycling

Why is it important to balance economic growth with environmental concerns?

• To reduce product prices

• To promote technological advancement

• To ensure a good quality of life

• To increase consumer spending