Final answer:
Financial literacy and critical thinking are the skills required to be an effective consumer in today's marketplace.
Step-by-step explanation:
The skills required to be an effective consumer in today's marketplace are financial literacy and critical thinking.
Financial literacy involves understanding concepts such as budgeting, saving, investing, and managing credit. Critical thinking skills help consumers evaluate information, make informed decisions, and avoid scams or misleading advertisements.
For example, a financially literate consumer would be able to assess the costs and benefits of personal financial decisions like investing in the stock market, beginning a savings program, maintaining a checking account, and understanding different types of loans. They would also be able to evaluate the costs and benefits of declaring personal bankruptcy, buying insurance, and charitable giving.