This is because as price falls consumers can afford more goods as their real incomes increase and they feel richer. Real income is the bundle of goods and services that an individual can purchase. As we move from A1 to A2 utility increases from U1 to U2 because we move to a higher indifference curve so now the individual can now consume a better bundle of goods. This backs up the non satiation assumption of consumption which states more is better thus when we increase consumption total utility increase. The four axioms of consumption: Transitivity, Non-satiation, Marginal rate of substitution in consumption and Completeness must be met in order to be able to draw
Outline the ways in which rubbish can be said to have value in consumer society Today’s society is very much a consumer society. Society is no longer divided by what we do but how and what we consume. Mass consumption and consequently wastefulness and rubbish are one of the main by-products of the consumer society. With rising affluence, wastefulness and rubbish are rising too. Rubbish is usually viewed as something with no value.
Question 1. Identify 3 inherent risks of Wesfarmers. I. Nature of entity’s business: * Wesfarmers main business is retail. This increases the inherent risk: * There could be problems like slow moving inventory for Target, Kmart or Officeworks * Also consumer preferences and tastes change frequently so this also increases the risk for slow moving stock * There are a lot of cash dealings.
Essay plan Introduction: Briefly describe what is a consumer society. And what is ‘rubbish’ Main body of essay: Discuss several different views on rubbish including: Paragraph 1. Talk about the rising affluence of society, resulting in more prosperity, leading to more disposable waste. Page 106 Paragraph 2. Talk about Michael Thompson book and the categories of rubbish.
One of the factors, which resulted in the increase of rubbish, was rising affluence. With rising earnings, people's time and labour became more valuable, affecting their choice between labour-intensive and labour-saving activities. This is also links with the factor of changing gender roles, as women had less to do due to the household appliances which were labour-saving. Eventually these appliances would need to be disposed of. The shift in mass consumption was also a major factor in the increase in rubbish, as well as wastefulness.
Underreporting occurs due to individuals being dishonest regarding their behavior, therefore causing an error in the research done. A possible solution to this limitation is focusing on observed behavior, and correlating the findings with the self-reporting behavior, therefore developing a conclusion that is more in-depth. Furthermore, Article 2 emphasized that other factors can influence self-labeling as a victim in relation to work-place bullying, not just anxiety and anger. In addition, discovering a moderation effect regarding negative acts of violence and self-labeling is hard to discover due to the psychological way an individual may experience an event. Lastly, Article 3 honed on the lack of variances of deviant behavior.
If the interest rate is low, it will cause more funds to be available, greater expansion and increased employment. If the interest rate is high, it will cause fewer funds to be available, less expansion, and decreased employment. Fiscal policy is an important tool for managing the economy because of its ability to affect the total amount of output produced or the gross domestic product. The first impact of a fiscal expansion is to raise the demand for goods and services. This greater demand leads to increases in both output and prices.
Aggregate demand is defined as the total demand in the economy. The importance of managing aggregate demand in order to bring about a sustained reduction in unemployment depends on your economic view. There are two schools of thought who both have different views on how to reduce unemployment: Keynesian economists and Monetarist economists. Keynesian economists believe that increasing aggregate demand in order to stimulate higher output of goods and services, then leads to an increase in employment. In contrast, Supply side economists believe that unemployment is caused by the supply side of the economy not functioning properly.
When the total picture is absent then blind judgment causes stereotyping. Society innocently makes and perpetuates stereotyping, that sometimes lead to unjust discrimination and maltreatment when it is unfavorable. Stereotypes sometimes progress out of fear from minority groups. Prejudice, stereotyping, and discrimination are all considered to be biases. The way people see others of certain groups is not the exact way they imagine he or she may or should be.
As a result, expenditures are shifted away from extra-union produced goods, thereby increasing profits for and encouraging production by union firms. (J. Behar.