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Consumer Theory: Definition, Meaning, Objective, and Example

What Is Consumer Theory?

Consumer theory is the study of how people decide to spend their money based on their individual preferences and budget constraints. A branch of microeconomics, consumer theory shows how individuals make choices subject to how much income they have available to spend and the prices of goods and services.1

Understanding how consumers operate makes it easier for vendors to predict which of their products will sell more and enables economists to get a better grasp of the invisible hand, the unseen forces that shape the economy.

KEY TAKEAWAYS

• Consumer theory is the study of how people decide to spend their money based on their individual preferences and budget constraints.
• Building a better understanding of individuals’ tastes and incomes is important, because these factors impact the shape of the overall economy.
• Consumer theory is useful but is not flawless, as it is based on a number of assumptions about human behavior.

Understanding Consumer Theory

Individuals have the freedom to choose between different bundles of goods and services. Consumer theory seeks to predict their purchasing patterns by making the following three basic assumptions about human behavior:2

• Utility maximization—Individuals are said to make calculated decisions when shopping, purchasing products that bring them the greatest benefit, otherwise known in economic terms as maximum utility.
• Non-satiation—People are seldom satisfied with one trip to the shops and always want to consume more.
• Decreasing marginal utility—Consumers lose satisfaction in a product the more they consume it.

Working through examples and/or cases, consumer theory usually requires the following inputs:

• A full set of consumption options
• How much utility a consumer derives from each bundle in the set of options
• A set of prices assigned to each bundle
• Any initial bundle that the consumer currently holds

Advantages of Consumer Theory

Building a better understanding of individuals’ tastes and incomes is important, because it has a big bearing on the demand curve, which is the relationship between the price of a good or service and the quantity demanded for a given period of time, and on the shape of the overall economy.

Consumer spending drives a significantly large chunk of gross domestic product (GDP) in the United States.3 If people cut down on purchases, then demand for goods and services will fall, squeezing company profits, the labor market, investment, and many other things that make the economy tick.

Example of Consumer Theory

Let’s look at an example. Kyle is a consumer with a budget of $200 who must choose how to allocate his funds between pizza and video games (the bundle of goods). If a pizza costs $10 and a video game cost $50, Kyle could buy 20 pizzas, or four video games, or five pizzas and three video games. Alternatively, he could keep all $200 in his pocket.

How can an outsider predict how Kyle is most likely to spend his money? Consumer theory can help give an answer to this question.

Limitations of Consumer Theory

Challenges to developing a practical formula for this situation are numerous. For instance, as behavioral economics points out, people are not always rational and are occasionally indifferent to the choices available.

4

 Some decisions are particularly difficult to make because consumers are not familiar with the products. There could also be an emotional component involved in the decision-making process that cannot be captured in an economic function.

The many assumptions made by consumer theory have caused it to come under criticism. While its observations may be valid in a perfect world, in reality, there are numerous variables that can expose as flawed the process of simplifying spending habits.

4

Going back to the example of Kyle, figuring out how he will spend his $200 is not as clear-cut as it might seem at first. Economics assumes that he understands his preferences for pizza and video games and can decide how much of each he wants to purchase. It also presumes that there are enough video games and pizzas available to satisfy Kyle’s choices. Of course, none of these assumptions may be correct, even if generally they are.

What does consumer theory tell us?

Consumer theory attempts to predict how people will spend their money by looking at their budget constraints and individual preferences. Its weakness is that it assumes that people will always make rational choices.

Why is consumer theory important?

Because consumer spending is the engine of the U.S. economy, understanding how consumers may spend their hard-earned money helps businesses decide where to allocate their resources.

What is the demand curve?

The demand curve looks at the relationship between the cost of a good or service and the amount needed to satisfy consumer consumption over a stated period of time. It helps determine the shape of the economy.

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JAMB Syllabus for Economics

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This JAMB Syllabus for Economics aims to prepare the candidates for the Unified Tertiary Matriculation Examination (UTME).

JAMB Syllabus for Economics

General Objectives | JAMB Syllabus for Economics

It is designed to test their achievement of the course objectives, which are to:

1. demonstrate sufficient knowledge and understanding of the basic concepts, tools and their general applications to economic analysis;
2. identify and explain the basic structures, operations and roles of the various economic units and institutions (national and international);
3. describe major economic activities – production, distribution and consumption;
4. identify and appraise the basic and current economic problems of society;
5. develop the competence to proffer solutions to economic problems identified.

Topic 1: Economics as a science

a. Basic Concepts: Wants, Scarcity, choice, scale of preference, opportunity cost, Rationality, production, distribution, consumption.
bi. Economic problems of: What, how and for whom to produce and efficiency of resource use.

bii. Application of PPF to solution of economic problems.

Objectives

Candidates should be able to:

(i) compare various concepts in economics and their applications;
(ii) interpret graphs/schedules in relation to the concepts;
(iii) identify economic problems;
(iv) proffer solutions to economic problems

Topic 2: Economic Systems

a. Types and characteristics of free enterprise, centrally planned and mixed economies
b. Solutions to economic problems under different systems
c. Contemporary issues in economic systems (economic reforms e.g deregulation, banking sector consolidation, cash policy reform).

Objectives

Candidates should be able to:

(i) compare the various economic systems;
(ii) apply the knowledge of economic systems to contemporary issues in Nigeria
(iii) proffer solutions to economic problems in different economic systems.

JSS1 COMPUTER EXAM 90 QUESTION OBJECTIVES (for 1st,2nd,3rd term)

Information Technology JSS One Objective Questions

1.   One major Problem with early counting devices is that

A. they occupy small space  

B.  they waste time        

C.  they can be used to count large numbers                 

D. they were fast

2.   UNIVAC is an acronym that stands for

A. Universal Automatic Computer       

B.  Universal Array Computer 

C.  Unique Automatic Computer 

D. Unvalued Automatic Computer

3.   Integrated Circuits (ICs) are related to which generation of computers?

A. First generation                                

B.  Second generation 

C.  Third generation 

D. Fourth generation       

4.   Microprocessors as switching devices are for which generation of computers

A. First Generation                    

B.  Second Generation 

C.  Third Generation             

D. Fourth Generation

5.   Which generation of computer is still under development

A. Fourth Generation 

B.  Fifth Generation 

C.  Sixth Generation 

D. Seventh Generation  

6.   The beginning of commercial computer age started with the invention of …………… computer.

A. UNIVAC

B.  EDVAC

C.  ENIAC

D. Herman Hollerith census machine

7.   Who suggested Stored Program Concept?

A.        John Mauchley

B.        J.P. Eckert 

C.        John Vonn Neumann             

D.        Joseph Jacquard

8.   Who invented the first Microprocessor in 1971?

A.        Ted Hoff

B.        Philip Emeagwali 

C.        The Chinese 

D.        John Napier   

9.   Who is credited with the idea of using punch cards to control patterns in a waving machine

A.          John Vonn Neumann

B.          Joseph Marie Jacquard

C.          Blaise Pascal

D.          Gottfried Leibniz

10.         A set of 11 rods where numbers were carved and used for multiplication and division aids is known as                

A. Pascaline

B.  Napier’s Bones

C.  Stepped Reckoner 

D. Slide Rule

11.         When was the transistors invented?

A. 1947

B.  19387

C.  1957

D. 1967

12.         Third generation computers were made from               

A. Vacuum tubes  

B.  Transistors 

C.  Integrated circuit 

D. Punched card

13.         Abacus was invented by   

A. Chinese

B.  Japanese  

C.  Joseph Jacquard 

D. Blaise Pascal

14.         One of the following machine was used to process census information in the U.S.A in 1890. 

A. Herman Hollerith Machine 

B.  Jacquard’s Loom  

C.  Pascaline  

D. Gottfried Leibnitz

15.         Who developed the concept of integrated circuit in 1958

A. Jack Kilby

B. John Barden

C. William Brattain

D. All of the above

16.         Which of the following is an early counting device           

A. Pebbles

B.  Abacus  

C.  Napier’s Bone                     

D. Desktop

17.         Devices that involve the use of physical force to operate them are called?  

A. Electronic devices                      

B.  Mechanical devices  

C.  Electro-mechanical devices  

D. Early counting devices

18.         Who invented the Slide Rules?

A. Robert Bissakar      

B.  Charles Babbage 

C.  Gottfried Leibnitz                

D. Blaise Pascal

19.         Abacus is mainly be used for 

A. addition and multiplication 

B.  division and subtraction 

C.  addition and subtraction 

D. division and multiplication

20.         Which of the following devices is considered an electronic counting device

A. ENAIC

B.  Napier’s bone

C.  Abacus

D. Pascaline

21.         The acronym ALU stands for …….

A. Arithmetic Logic Unit        

B.  All Long Unit

C.  Automatic Logic Unit 

D.  Arithmetic Long Unit

22.         Which of the following devices was invented by Charles Babbage  

A. Pascaline

B.  Analytical engine

C.  Abacus

D. Napier’s bone

23.         Which of the following is an electronic counting device

A.  ENIAC

B. Abacus

C. Napier’s bone

D. Slide rule

24.         In 1981 IBM introduced its first computer for home users. The acronym IBM stands for  

A. International Business Man 

B.  International Business Machine      

C.  Internal Bus Machine 

D. International building Machine

25.         ENIAC was invented by

A. John Napier and Robert Bissaka

B.  John Mauchly and Presper Eckert

C.  Charles Babbage

D. Blaise Pascal

26.         Which of the following is NOT true about the pascaline 

A. it was invented by a French mathematician            

B.  it was also called analytical engine 

C.  it was name after Blaise Pascal

D. None of the above

27.         The 5^th generation computers were based on the technique of AI. AI stands for

A. All International

B. Artificial Intelligence

C. Artificial International

D. Almighty Intelligence

28.         The acronym ENIAC stands for

A. Electronic Numerical Integrator And Calculator

B.  Electronic Nations Integration And Computer

C.  Electrical Numerical Integrator and Computer    

D. All of the above

29.         The Second Generation Computer was based on         

A. Vacuum Tube 

B.  Silicon Chips 

C.  Transistor                

D. Bio Chips 

30.         Who is referred to as the father of computer?                    

A.     Robert Bissakar   

B.      Charles Babbage 

C.      Gottfried Leibnitz                

D.     Blaise Pascal

31.       Raw facts, figures and symbols are

A. Information

B. Processing

C. Data

D. Processing cycle

32.         All the following are stages in data processing cycle EXCEPT?

A. Data connection

B. Data gathering

C. Input stage

D. Output stage

33.         The sequence of stages in processing data is:

A. Data

B. Data collation

C. Cycle

D. Data processing cycle

34.         Data can be entered into the computer via the following input devicesEXCEPT?

A. Printer

B. Keyboard

C. Joystick

D. Mouse

35.         Computer has an edge over other devices in processing data for its:

A. ability to perform rapid and accurate calculations

B. ability work continuously in the water and fire

C. ability to store small volume of data and information

D. all of the above

36.         The assembling of data in standard other is

A. Data connection

B. Data collation or preparation

C. Data gathering

D. Data storage

37.         Data are kept in the __________ memory of the computer after processing.

A. CPU

B. Motherboard

C. Main

D. Printer

38.         The computer sends out the result of data processing on paper using an output device called

A. a monitor

B. a printer

C. a scanner

D. a keyboard

39.         The term GIGO means

A. Get in get out 

B. Garbage in Garbage out 

C. Garbage in get out  

D. all of the above

40.         Alphanumeric data consist of

A. digits      

B. letters     

C. special  characters 

D. all of the above

41.          In data processing, the stage whereby data are entered into a computer for processing is called

A. Input stage     

B.  processing stage 

C. data collation 

D. data accessing stage

42.          The stage of data processing where the results gathered from processing data is sent out for user to see and use is:

A. Data connection     

B. data gathering

C. input stage     

D. output stage

43.         The importance of shutting down computer properly after use is to

A. let it cool down

B. avoid damage to memory files of the computer

C. make sure it is not stolen.

D. protect it from the infection virus

44.         UPS stands for:

A. Under power supply

B. uninterruptable power supply 

C. uninterruptible petrol supply

D. Use power sometimes

45.         The importance of maintaining adequate and proper ventilation in computer laboratory is:

A. To avoid damage caused by heat

B. To prevent damage caused by water

C. To prevent dust from damaging the computer.

D. To prevent attack by computer viruses

46.         A UPS is a device  that can be used to:

A. Store electricity  

B.  store data for processing  

C.  protect the computer from heat 

D.  blow off dust from within the computer

47.         The computer sends out the result of data processing on screen using an output device called

A. a monitor

B. a printer 

C. a scanner        

D. a keyboard

48.         Sometimes computer engineers can use ______ to blow off dust from within the computer

A. Blower   

B. air conditioner

C. printer

D.  dryer

49.         The output of data processing is?

A.  Raw facts              

B.  raw figures            

C. formation               

D.  information

50.         All the following are computer peripherals EXCEPT?

A. System unit    

B. mouse     

C. keyboard

D. monitor

51.         One important  function of a maintenance officer is to:-

A. Shutdown the computer 

B. Check all computers before and after use.    

C. Eat and drink in the computer room     

D. Arrange tables and chair for computer users.

52.         The importance of arranging tables and chairs in a comfortable manner is to:

A. ease movement within the computer laboratory

B. make it free from dust

C. Prevent damage because of heat

D. ensure steady flow of electricity

53.         The singular form of data is:

A. Datas      

B. Datum    

C. one data 

D. A data

54.         In data processing, the stage whereby data are converted into useable form is:

A. Input stage     

B. processing stage 

C. data collation  

D. data accessing stage

55.         An example of a cooling system is:

A. UPS        

B. Blower   

C. Dryer

D. Air conditioner

56.         Which of the following is a computer room management ethics:

A. Eating and drinking in a computer room

B. Maintaining adequate lighting      

C. sweeping the computer room monthly  

D. all of the above

57.         In data processing, the stage of collecting data for processing is called

A. Data collation

B. Data gathering       

C. Input stage             

D. Processing stage

58.         In data processing, the stage that describes where data are kept after processing is called?

A. Storage stage

B. main memory

C. input stage     

D. monitor

59.         One method for gathering data is:

A. Interview

B.  processing cycle   

C. data collation

D. storage stage

60.         Before data are gathered, one of the following must be taken into consideration

A. The relevance of the data

B. the  size of the main memory

C. the stages in data processing

D. all of the above

61.         All the following are stages in data processing cycles EXCEPT?

A. Data connection   

B.   Data gathering    

C.   Input stage   

D.  Output stage

62.         One of the following is a computer room management ethics:

A.  Eating and drinking in a computer room             

B.  Maintaining adequate lighting    

C.  sweeping the computer room monthly

D.  all of the above

63.         ICT stands for … 

A. International and Communication Technology   

B. Information Communication and Timing    

C. Information and Communication Technology            

D.   Internal connection Technology

64.         The application of scientific knowledge for practical purposes especially in industry is:   

A. information     

B. Technology    

C. communication      

D. science

65.         One of the following is a visual mode of transmitting information       

A. Oral       

B. Radio    

C. Printing 

D. Telephone

66.         Which of the following is NOT an ancient method of transmitting information?      

A. Oral  communication

B. Beating drum   

C. Telephone   

D. Town crier

67.         The sequence of stages in processing data is called:     A. Data     

B. Data collation            

C. Cycle    

D. Data processing cycle

68.         Data can be entered into the computer via the following input devices EXCEPT?   

A. Printer   

B. Keyboard   

C. Joystick 

D. Mouse

69.         Computer has an edge over other devices in data processing for its:   

A. ability to perform rapid and accurate calculations

B. ability work continuously in the water and fire       

C. ability to store small volume of data and information    

D.  all of the above

70.         The assembly of data in standard order is         

A. Data connection    

B. Data collation  

C. Data gathering      

D. Data storage

71.         Data are kept in the __________ memory of the computer after processing     

A. CPU    

B. motherboard    

C. Main        

D.  Pinter

72.         The computer sends out the result of data processing on paper using an output device called?     

A. monitor  

B.  printer    

C. scanner     

D.  keyboard

73.         The computer sends out the result of data processing on screen using an output device called?     

A. monitor       

B.  printer     

C.  scanner         

D. keyboard

74.         The term GIGO means    

A.  Get in get out         

B. Garbage in Garbage out              

C. Garbage in get out

D. all of the above

75.         An examples of alphabetic data is    

A.  H,D,J,F,J        

B. 2,3,4,5

C.  2+3+4=9      

D.  #,$,%,&

76.         The acronym GSM stands for     

A. Girls in Science and Mathematics   

B. General street Madness    

C. Global system for Mobile communication    

D. Gloria, Stephanie  and Martina

77.         A device that broadcasts information in form of both voice and pictures to people in different location is called    

A.  Fax machine    

B. Telex   

C. Radio   

D. Television

78.         The method used to disseminate information to the person the message is meant for through face to face discussion is called   

A. Oral communication     

B. Town crier   

C. Bush burning    

D. Beating Drums

79.         The acronym ATM stands for  

A. Automatic Text Machine    

B. Automated Teller Machine 

C. A Television Machine    

D. Automatic transfer Machine

80.         The term used for buying and selling of goods on the internet is called     

A. d-commerce   

B. e-buying          

C. e-commerce    

D. e-mail

81.         SIM stands for:      

A.  Someone’s identity mobile          

B. subscriber identity module    

C.  satellite international module   

D. SIM identity for mobile phone

Use figure 1.0 above to answer questions 82 to 83

82.         The name of figure 1.0 is              

A. a fax machine

B. a photocopy machine  

C. a Telephone  

D. a radio

83.         The figure above is used for transmitting   

A. sound and pictures    

 B. text and graphics    

C.  smoke signal      

D. scanning machine

84.         Who is referred to as the father of computer             

A. Charles Babbage    

B. Grace Hopper    

C. Thomas Edison   

D. Joseph Jacquard

85.          The following are electronic counting devices except?    

A. personal computers    

B. ENIAC    

C. Palmtop   

D. Charles Babbage’s Analytical Machine

86.         One of the following is an early counting device           

A. Finger    

B. John Napier’s Bone    

C. John Von Neumann machine   

D. Charles Babbage’s Analytical Machine

87.         Second generation computers arecharacterized largely by the use of    

A. Integrated circuit    

B. Vacuum tube    

C. Transistors    

D. Microprocessor

88.         The importance of maintaining adequate and proper ventilation in computer laboratories is to:      

A. To avoid damage caused by heat   

B. to prevent damage caused by water  

C. to prevent dust from entering the computer.     

D. to protect computers from the infection of virus

89.         UPS is a device used to:       

A. store electricity       

B.  Store data for processing      

C.  Protect the computer from heat      

D.  blow off dust from within the computer

90.         Sometimes computer engineers can use ______ to blow off dust from within the computer          

A. Blower             

B. Air conditioner    

C.   Printer 

D.  Dryer