Concept

Consumer economics

Summary
Consumer economics is a branch of economics. It is a broad field, principally concerned with microeconomic analysis behavior in units of consumers, families, or individuals (in contrast to traditional economics, which primarily studies government or business units). It sometimes also encompasses family financial planning and policy analysis. The term largely describes what was more commonly called "home economics" in the past. History The traditional economists had little interest in analyzing family units. When economic theory was insufficient to explain the phenomenon of women starting to enter the labor force en masse, consumer economics both gained attention and received important contributions from economic theorists. Major theoretical cornerstones include Gary Becker's Household Production Model, time allocation models and Stigler's search theory. Consumer economics concludes the family-unit economists were strongly influenced by the most recent "consumer era"; which
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