• Consumption Choices

• How Changes in Income and Prices Affect Consumption Choices

• How Consumer Choices Might Not Always be Rational

Introduction to Consumer Choices

BRING IT HOME

Making Choices
The 2008–2009 Great Recession touched families around the globe. In too many countries, workers found

themselves out of a job. In developed countries, unemployment compensation provided a safety net, but families

still saw a marked decrease in disposable income and had to make tough spending decisions. Of course, non-

essential, discretionary spending was the first to go.

Even so, there was one particular category that saw a universal increase in spending world-wide during that

time—an 18% uptick in the United States, specifically. You might guess that consumers began eating more meals at

home, increasing grocery store spending; however, the Bureau of Labor Statistics’ Consumer Expenditure Survey,
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