Please enable JavaScript.
Coggle requires JavaScript to display documents.
HASS Economics Revision - Coggle Diagram
HASS Economics Revision
Influences on Consumer Choices
Internal
Gender
Advertising specifically targets men and women
E.g. Pink is often used to target women
These are based on stereotypes
Age
The age/stage of life the consumer is in
Consumer preferences change depending on their age
E.g. Children want toys, Elderly want retirement
Socail/Cultural
Social/Cultural groups influencing consumer decision
E.g. Religion
Personal Preferences
The values a consumer prefers over others
E.g. Only Earth friendly products
External
Price
E.g. $50
How much a product is sold for
Marketing
Communicating the value of a product
E.g. Advertisements
Ethics
What a consumer thinks 'right' and 'wrong' are
E.g. Not Telling a Lie
Convenience
Widely Available
Purchased with minimal effort
E.g. Newspapers
Finance
The management of large amounts of money
E.g. Credit and loans
Labour Productivity
Ways to Imporve
Improve Management Practice
Good people managers
Good employees
Improve workplace culture and flexibility
Support employee
Happier employee
Training
Train Employee
Employees have better skills
Performance appraisal and feedback
Provide feedback
Better employee
Increased Productivity
The amount of goods and services that worker produces in a given amount of time
Basic Economic Problem
Scarcity
There is not enough of a resource to satisfy our needs and wants at zero price
Choice
What a consumer decides to purchase with their money
Opportunity Cost
The value of the next alternative forgone (given up). Opportunity cost is the opportunity lost
