Consumer Economics

Textbooksand Course Materials:Title: Consumer EconomicsAuthor: ReiboldtEdition: 18ISBN: 9781792424052Publisher: Kendall/Hunt Pub. Co.Required: Yes
WEEK #3 CHAPTERS 7& 8 SUMMARY QUESTIONS1.Define customs and explain why they aredifficult to change using examples and personal experience. (3 points)2.Explain and giveexamples of the concepts of fashion, fad, and style. (3 points)3.How doesadvertising influence consumer purchases? Give an example of how you made apurchase based on an advertisement. Explain how satisfied you were in relationto what the ad promised. (2 points)4.How dobusinesses use pricing to entice consumers? Give examples that illustrate thedifferent retail pricing strategies. (4 points)5.Identify howconsumers can apply knowledge of pricing strategies to their advantage. Explainwith examples. (4 points)