ADM 3321 Study Guide - Final Guide: Disposable And Discretionary Income, Developing Country, Ascribed Status
10 Dec 2016
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Many canadians would probably say that they don"t make enough money, the average canadian"s standard of living is relatively high by international standards and continues to improve. The average family income increased from about 68,860$ in 2008 to in 2012. Consumer demand for goods and services depends on both the ability to buy and the willingness to buy. Discretionary income: is the money available to a household over and above that required for a comfortable standard of living. Tightward: someone that hates spending money, and who experiences emotional pain when they hand over money. Spendrifts: someone who enjoys nothing more than to spend money. Debt, which in the past was associated with indulgent shopping behaviour, has become a (cid:498)normal(cid:499) feature of society. Companies now organizes their products around the shopper groups it identified. Behavioural economics: or economic psychology is concerned with the (cid:498)human(cid:499) side of economic decisions of the economy and how they predict they"ll fare down the road.
