IP The Psychology of Consumer Economic Behavior
Description
In this assignment, you will incorporate information from the first three IPs in that you will discuss the basic concepts behind economics, including business cycles; consumer protection, rights, and the law; advertising; the Internet; and so forth, as well as incorporate information related to specific consumer buying, such as vehicles, homes, insurance, and credit and debt.
For this project, you will be using your very own life situation as it relates to household economic decisions. This will incorporate a discussion of the past and current economy, including some of the concepts from previous assignments, including fluctuations in real gross domestic product (GDP), inflation, deflation, and any other critical factors related to consumer behavior within a family. You should also include the 4-stage business cycle as it relates to expansion, recession, depression and recovery and its impact on families, including married couples with or without children. If you are single, you can still discuss the impact of these concepts as they relate to your financial decisions. You may include a projection of a budget for a future family, if that is the case.
provide a description of your current economic situation. Please use the following questions as a guideline:
Do you own or rent your home or apartment?
Is your monthly budget for your mortgage payment or rent feasible with your income?
Do you have a vehicle? Do you own or lease?
As a family or single individual, do you use a budget? Is it helpful?
Have you calculated your net worth?
Are you an entrepreneur? Employee? Unemployed?
Do you prepare your own taxes? What type of taxes do you pay?
Do you use credit cards? Are you debt-free, high in debt, or have manageable debt?
What types of insurance do you have? Do you feel adequately protected?
Briefly describe the pros and cons to renting versus owning a home and leasing versus owning a car.
In regard to budgeting and financial planning, discuss the importance of calculating and understanding net worth or debt-to-income ratio
Regarding insurance and credit, provide a description of any personal instances of insurance, credit card fraud, or identity theft. What are you doing, or what should you do to protect yourself against fraud and theft as a consumer? What are the state and federal agencies related to credit, insurance, and investment fraud?
Given the increasing changes in demographics, technology, and the economy, how will these concepts change or impact consumer life in America? How, if at all, are you affected by the current economy? How has the Internet affected credit, insurance, and investment fraud?
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