Economics

• English Philosopher and Radical Reformer
• Author of System of Logic (1843), Principles of Political Economy (1848), On Liberty (1859), Utilitarianism (1861), and The Subjection of Women (1869)
• Member of Parliament
• Godfather to the philosopher Bertrand Russell

Nations have values, and they set goals for themselves based on those values. The United States is no exception. Its goals are evident in the supreme law of the land—the Constitution—as well as in its government policies and in the actions of people like you. In this section, you’ll learn how the nation strives both to reach its economic goals and treat its citizens fairly.

Do you spend a lot of money on small, day-to-day items such as coffee, fast food, and candy, or do you prefer to save up your money for larger purchases? Either way, wise buying decisions will help you get the most out of the products you buy now and will enable you to meet your long-term financial goals. In this post, you’ll learn how to spend—or not spend—your income wisely.

The goal of advertisements is to win your consumer dollars, and advertisers are willing to spend millions of dollars to attract your attention to their products. Because of the problems of scarce income and time, however, your goal should be to obtain the most satisfaction from your limited income and time. In this section, you’ll learn about three basic buying principles that can help you and all consumers achieve this goal.

Most Americans are concerned with the reliability of the products and services they use. Many private groups and government agencies work to ensure the well-being of consumers. Consumers themselves, however, must be well informed about potential issues with products and services they purchase, and they must be proactive in their buying habits. In this section, you’ll read more about consumer rights and responsibilities.