U1 AOS1 - Lesson 8 - Internal Factors Influencing Consumer Behaviour

Question 1

List of Internal Factors Influencing Consumer Behaviour

Answer 1

• Personality types
• Ethics
• Habits

Question 2

Define Utility Maximisation

Answer 2

Consumers seeking to maximise their overall wellbeing through consuming different combinations of goods and services

Question 3

Define Budget Constraints

Answer 3

Consumers being limited in their ability to consume goods and services due to their limited income avaliable for spending