Steps of Studying Consumer Behavior Study consumer preferences o How and why do people prefer one good to another? Study budget constraint How are consumers constrained by their limited incomes? Combine consumer preferences and budget constraints to determine consumer choices o What combination of goods will consumers buy to maximize their satisfaction?Steps of Studying Consumer Behavior Study consumer preferences  How and why do people prefer one good to another? Study budget constraint  How are consumers constrained by their limited incomes? Combine consumer preferences and budget constraints to determine consumer choices  What combination of goods will consumers buy to maximize their satisfaction?