Solomon Ch - 13 Revised

Solomon Ch - 13 Revised - Chapter 13 Income and Social...

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13 - 1 Chapter 13 Income and Social Class By Michael R. Solomon Consumer Behavior Buying, Having, and Being Sixth Edition
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13 - 2 Consumer Spending and Economic Behavior Status Symbols: Products that serve as markers of social class Income Patterns Woman’s Work More people participating in the labor force Mothers with children are the fastest growing segment of working people Yes, It Pays to Go to School! Education is expensive but pays off in the long run
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13 - 3 Luxury Items as Status Symbols Luxury items like diamond engagement rings are valued as status symbols the world over, as this Brazilian ad for a jeweler reminds us.
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13 - 4 Education = A Higher Living Standard Education is strongly linked to a higher standard of living. People who earn a college degree are likely to earn much more during their lives than those who do not.
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13 - 5 To Spend or Not to Spend, That is the Question Discretionary Spending Discretionary income: The money available to a household over and above that required for a comfortable standard of living Individual Attitudes Toward Money: Atephobia: Fear of being ruined Harpaxophobia: Fear of being robbed Peniaphobia: Fear of poverty
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13 - 6 Consumer Confidence Behavioral Economics ( a.k.a. economic psychology) : Concerned with the “human side” of economic decisions Consumer Confidence: Consumers’ beliefs about what the future holds Overall savings rate influenced by: (1) Individual consumers’ pessimism or optimism about their personal circumstances (2) World events (3) Cultural differences in attitudes toward saving
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13 - 7 Social Class A Universal Pecking Order Dominance-submission hierarchy: Each individual in the hierarchy is submissive to those higher in the hierarchy and is dominant to those below them in the hierarchy Social Class Affects Access to Resources: Marx believed that position in society was determined by one’s relationship to the means of production. Weber
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This note was uploaded on 06/17/2011 for the course BUS 347 taught by Professor Cherylluczak during the Fall '10 term at St. Xavier.

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Solomon Ch - 13 Revised - Chapter 13 Income and Social...

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