A knowledge of economics and an understanding of the economic structure of the United States is of vital importance to everyone. On every day of his or her life, the individual is faced with many different economic problems, and must make many different decisions. Happiness or conflict may depend upon how well the problems are solved and how wisely decisions are made.
The most important economic problem facing consumers is how to satisfy limitless wants with limited means.
Consumers would like to buy many things. What they do buy is limited by the amount of money that they have to spend. This fact forces consumers who wish to live within their income to choose carefully what they will buy, and how much they will pay for it.
Consumer demand and its satisfaction are the bases of our economic structure and system.
Our economic structure is organized to fill the demands of consumers for goods and services. Consumer demand is satisfied by the interaction of the factors of production.
Careful planning and spending will help consumers use their money wisely, and enjoy their income to the fullest.
Since income is limited, consumers must try to spend the money they do have carefully and wisely. The way to do this is to plan all spending. Unwise use of money, spending more than can be afforded, can lead to serious financial difficulties.