Chapter 3, Problem 13AA

To determine

To know about the basic 3 principles a consumer should consider before buying.

Answer to Problem 13AA

.The 3 basic principles are:

1. Gathering information about the product.
2. Using the mode of advertising properly.
3. Comparing the product under various grounds.

Explanation of Solution

So as to take decision regarding the purchase of any product, the consumer basically gathers the information about the product of its uses, price, availability, quality, etc.

For knowing more about the product, the information available on the advertisement is used wisely and even the reviews of various people who have bought the same product are taken so that there can be more assurance regarding the product.

Moreover, the product is then compared on grounds of different brands providing the same product, its substitute goods, the price of related goods, etc.

Gathering all the information necessary, a final decision is taken to purchase or not to purchase the product.

Economics Concept Introduction

Introduction:

Any consumer before buying a product considers various factors. A buying decision does not just involve the decision as per the desires or wants, or considering the income spent, but also about the satisfaction he/she gets after the purchase.