Description

Economics is the study of the production, distribution and consumption of goods and services. A specific branch within economics, known as consumer economics, focuses on analyzing the behavior of consumers, individuals or households. This field also involves aspects of policy planning and financial management. Consumer economics plays a critical role in shaping the overall economy, with key areas of study including the consumer leverage ratio, total household debt, and personal income. The consumer leverage ratio, for instance, measures the relationship between total household debt (the combined debt of all individuals in a household) and disposable personal income. Various theoretical models fall within the scope of consumer economics, such as time allocation models, Stigler's information theory, and the household production model. The topics included in this book on consumer economics are of utmost significance and bound to provide incredible insights to readers. It picks up individual branches and explains their need and contribution in the context of a growing economy. Coherent flow of topics, student-friendly language and extensive use of examples make this book an invaluable source of knowledge.