Consumption and the Filipino Consumer
The act of buying and using products and services to meet needs and wants.
Consumption
The right to select the product or service that best meets your needs.
Right to Choose
The creation of goods and services to meet society’s needs.
Production
What type of business is owned by one person only?
Sole Proprietorship
The quantity of goods or services a consumer is willing to buy.
Demand
Name one factor that affects consumption.
Income / Occasion / Advertisement / Price / Value
Which consumer right ensures access to safe and reliable goods?
Right to Safety
Name one of the four factors of production.
Land / Labor / Capital / Entrepreneur
What do you call two or more people sharing ownership of a business?
Partnership
What does the Law of Demand state?
When price increases, demand decreases (and vice versa).
What does “fond of freebies” mean about Filipino consumers?
They enjoy getting free items or bonuses with their purchases.
What consumer responsibility means being aware of false advertising?
Critical Awareness
What factor includes natural resources within a country?
Land
What is the difference between a general and a limited partnership?
General = equal responsibility; Limited = some have limited liability
What branch of economics studies small units like households and firms?
Microeconomics
What source of information influences many Filipino consumers today?
Social Media
What does the right to a healthy environment mean?
Consumers should enjoy a safe and sustainable environment.
The skills, knowledge, and effort of workers.
Human Capital
What type of business is owned by shareholders and managed by directors?
Corporation
What happens to demand when people expect prices to rise soon?
Demand increases (people buy more in advance).
Why is advertisement both a factor and a characteristic of Filipino consumers?
Because it affects buying decisions and reflects how Filipinos respond to ads.
Give two guides to wise consumerism.
Prepare a list of needs / Read product labels / Research / Return defective goods / Care for the environment
Who takes risks to start a business for profit?
The Entrepreneur
What kind of organization is formed by 15 or more people with shared interests to improve their livelihood?
Cooperative
Explain the difference between substitute and complementary goods.
Substitute = replaces another good; Complementary = used together with another good