Consumerism : Economist Use The Term `` Consumerism `` Essay

Consumerism : Economist Use The Term `` Consumerism `` Essay

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Consumerism: Economist use the term "consumerism" in relationship to finances to express the practices and procedures covering consumption of goods and services based on the concept of trading monies. Coupled with cultural trends, a point to consider is the ways of advertising impacting consumer’s choices (Novotney, 2008, p. 40).
Financial literacy: Financial literacy refers to the ability to understand how money works in the market world and how a contributor manages to earn it or spend it, how to track it, how to invest it (turn it into more) and how that person shares it to help others.
Basic level of financial knowledge: refers to a set of skills and knowledge that allows an individual to make informed and effective decisions considering all of available options in terms of financial resources. According to the business dictionary, basic financial knowledge is needed for dealing with money available for use in the form of cash, liquid securities, credit lines, and other forms of financial products and assets.
Financially literate: According to a Fifth Third Bank survey viewed report, Americans “have limited financial knowledge and stability” (Jones/USA Today, 2015). The poll, commissioned by Fifth Third Bank and conducted by Research Now, found that 90% of Americans did not know that individuals under age 50 can contribute up to $18,000 a year to a 401(k) plan, that out of the 57.9% surveyed who said they were financially savvy, only 38.5% knew the annual percentage rate (APR) on their primary credit card, and out of all 60% didn 't have enough savings to survive for at least six months. Of those 1,068 responses surveyed, 55.8% knew what a credit score measures.
Knowledge of purchasing power: Consumer “purchasing power mea...

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...oped idea formed from a combination of less-complex conceptual elements used in the context of how we think and feel. The psychology dictionary states that for a concept to be psychosocial means it relates to one 's psychological development in, and interaction with, a social environment, where the individual needs not be fully aware of this relationship with his or her environment (Online Psychology Dictionary, 2015). Psychologist Erik Erikson, in his stages of social development, presents this theory on social development.
Locus of control: is a psychological concept that refers to how strongly people believe they have control over present situations and experiences that affect their lives. In education, for example, locus of control refers to how students perceive the causes of personal academic success or failure in school ("Locus of Control Definition," 2013).

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