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

which tracks U.S. food spending over time, showed “real total food spending by U.S. households declined five

percent between 2006 and 2009.” So, it was not groceries. What product would people around the world demand
138 6 • Consumer Choices

more of during tough economic times, and more importantly, why? (Find out at chapter’s end.)

That question leads us to this chapter’s topic—analyzing how consumers make choices and how changes affect

those choices. For instance, do changes in prices matter more or less than changes in a consumer’s income? Can a

small change in circumstances alter the consumers’ perception of a product or even of their own resources? While

many choices may seem straightforward, there is often much more to consider.

Microeconomics seeks to understand the behavior of individual economic agents such as individuals and
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