8-24 - Tuesday August 15 Went over syllabus Thursday August...

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Went over syllabus. Thursday, August 18 Chapter 1: Consumers in a Changing World Economy: Comes from the Greek world for “one who manages a household.” This tended to be the woman. Economics: The study or science of production, distribution, and consumption (Goldman). The study of how society manages its scarce resources (Miller). Scarcity: A society has limited resources and therefore cannot produce all the goods and services people wish to have; things run out. The way that a society manages its resources is important because they are scarce. Scarcity implies choice and choice implies cost. Example: Georgia is in another drought now, so water (a resource) is scarce. This also will affect Florida’s oyster beds getting water, which in turn will increase the price of oysters. Economists study… How people make decisions. How people interact with each other. The forces and trends that affect the economy as a whole. Consumer Economics: The study of how people deal with scarcity, fulfill needs , and selected among alternative goods, services and actions. Leads to careers in consumer protection, consumer advocacy, policy making, education, law, business, management, government, marketing, etc. Why Study? o To apply course knowledge to social issues. o To overcome passivity, to understand and “own ” your place in the economy. o To become a Consumer Protection Advocate (Examples: Ralph Nader with the automobile industry and Erin Brockovich with ground water in California – Saw YouTube Videos on both. ) o The government does not always do what it should to help the consumer. For example, the “Bonus Army” War in Washington D.C. began because of unpaid bonuses to war veterans during the Great Depression. They had been promised bonus checks by the government, but were not being paid them when they needed it most. Another example would be the Kent State tragedy on May 4, 1970. Students were on campus protesting the Vietnam War. Things escalated and the
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This note was uploaded on 11/07/2011 for the course HACE 3100 taught by Professor Moorman during the Fall '09 term at UGA.

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8-24 - Tuesday August 15 Went over syllabus Thursday August...

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