Unit 7: Consumerism: How to Use Money Wisely

Unit 7: Consumerism: How to Use Money Wisely

This unit describes what a budget is, what credit is, and how to manage your money wisely. The unit also explains what can happen when people do not carefully watch their spending habits

What is 'Consumerism'

The theory that a country that consumes goods and services in large quantities will be better off economically. Consumerism for example, is an industrial society that is advanced, a large amount of goods is bought and sold.
Sometimes referred to as a policy that promotes greed, consumerism is also coined as a movement towards consumer protection that promotes improvement in safety standards and truthful packaging and advertisement. Consumerism seeks to enforce laws against unfair practices implement product guarantees.

Over-consumption is sometimes negatively attributed to consumerism. For instance some people might argue that Christmas holidays are a time of consumerism due to the large amounts of goods that are purchased during this time. Consumers strive to find the perfect gifts and this creates a demand for goods and promotes greed. Consumerism causes a materialistic belief that the more materials acquired the better, implying an increased value placed on material possessions.

Unit Focus

• meaning of consumer and consumerism
• what a budget is and how to develop a budget
• different kinds of credit and how they are best used
• questions smart consumers can use to make the best selection from the many items and brands in the marketplace
• fraudulent practices consumers may face
• advertising practices often used in the marketplace