Study Guide1 

Study Guide1Â - INDV 102 Test#1 Study Guide In preparing...

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INDV 102 Test #1 – Study Guide In preparing for the test covering the discussion about materialism and happiness, please focus your preparation on the following areas: 1) What is money ? -is an agreement within a community to use something –anything –as a medium of exchange. • Understand the various components that define money ~The agreement : money is ultimately an agreement between two parties. ~The community : a broader agreement between members of a community that states what is money. ~The medium of exchange : what can be money? what is being exchanged with the chosen medium? 2) What are the different views about money? - economic view and social view •Understand the differences between the social and economic perspectives on money ~Economics view -Money is without social distinctions -Impersonal, fungible, simple exchange of value ~Social view -Money has various social characteristics -Interaction can be very open and conscious -Personal; expression of one’s values 3) What is earmarking ? ~Process of assigning certain pools of money with a particular social importance. • First paycheck at new job after graduation • First dollar earned by a company • Legal earmarking –retirement/IRA 4) What are the principal definitions of materialism? -Is it in your values ? ~Materialism is developed as a sense of what one and one’s society deems as important ~It is based on an intellectual or a cognitive assessment of what is valued and what is not. -Or is it in your personality ? ~Materialism is the result of pure emotional responses to one’s environment or situation
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• Understand personality materialism -I’m possessive! ~inclination to keep close control of one’s possessions -I’m not generous! ~An unwillingness to give or share possessions -I envy everyone! ~Ill will toward others who are more successful, higher reputation, or simply possess anything desirable • Understand personal values materialism -“It is all about getting stuff” - acquisition centrality
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