Commerce Notes

Essay by jalenator5Junior High, 9th gradeA+, October 2014

download word file, 14 pages 0.0

Year 9 Jalen Ren

Commerce Yearly Revision Notes

Consumer Choice:

Commerce and Choice - PG 4 & 5

We are all consumers. A consumer is someone who purchases goods and services to satisfy needs and wants. Consumers, therefore, are constantly making choices when they buy goods and services

However, in today's marketplace, more choices become available (in part due to internet shopping), and this makes decision making more complex

Consumers should consider three basic questions when making decisions:

Do I really want this item?

Can I afford it?

Is there something better?

To make wise decisions, consumers must research the different options available, evaluate each one and make a final selection.

More Decisions to make - PG 6 & 7

Financial Decisions:

How much of income to save and how much to spend.

Income is money received on a regular basis.

Consumers need financial plans (budgets) so that they will have enough money to satisfy wants.

Business Decisions:

A business is any organisation that produces and sells goods and services in order to make a profit

Audience, Cost, Location, Marketing, etc.

Employment Decisions:

Career Paths

Abilities, Market, Qualifications

Legal Decisions:

How to protect yourself.

Competition and Consumers Act 2010

Fair Trading Act 1987

Environmental Decisions:

Responsibility to protect the world's environment

Comparison Shopping - PG 8 & 9

Shopping around to obtain the best deal

Same product costs different amounts at different stores

E-commerce has made comparison-shopping easier.

Avoid impulse buying

Types of goods and services

Different brand and products

Choosing what to buy:

Think about what you want

Shop for best deal

Investigate product features

How you want to pay

Check refund policy

Do not sign anything

Compare after sales service

Keep all receipts

Choosing Where to buy - PG 10 & 11

Range of locations...