REVIEWSHEET 11 How are exomnic theories related to the Nature vs Nurture Nature controlled by instincts Nurture We control our behaviors based on our cultural needs Explain the argument made by Neo Classical Economics Neo Classical Economics Nature We discover law of economics and build a society based on these laws Laws of economics are like nature If we had a poor economy we will fail Native Americans are inferior because they have a poor economy Explain the argument made by Reality economics Nurture We can change economics laws that will fit our needs They are a part of our culture They reflect the values people want based on their culture What do we mean when we say economic practices are culturally embedded Economic practices are part of everything else in our lives Culturally embedded Its a part of our value system and has influence on things we decide Explain the 3 things economic system tells us about a culture What has value What is a good person What is a good life Explain the Individual ethics Individual ethics contemporary cultures The foundation of contemporary cultures The individual is the most important all about me Society exist to promote and protect the happiness of the individual Explain extreme individualism What are some behaviors of the extreme individualist What is meant by the phrase who dies with the most toys win to have nice things is what is important Extreme Individualist Took individualism to the extreme Don t care about anyone but themselves By nature care only about themselves and only interested in others if they benefit them Ex Yuppies Young urban professionals Group of people in the 1980 s Extreme individualist Society is best when you are selfish and care about yourself BMW and expensive cars are symbols of yuppies Cheating Rules don t matter I WANT TO DO GOOD SO I CHEAT The only important thing is to win Inappropriate behaviors When people use their cellphones to annoy Examples would be talking on the phone at the movies or texting while driving Passing school busses when they are stopped People pass by school busses even though there are kids getting off the bus and the stop sign was up People don t care They care about getting to places fast Explain the communication ethic What does the phrase A poor man shames us all mean Communication Ethic The individuals first obligation is to the group The group takes place of each member Everyone takes care of each other EX XAVNTE A poor man shames us all Family When people takes care of each other to help Sports Teams Not about the individual When you re on a team its how well the team does Work which puts your life at risk Fire fighters have each other s backs same with police officers and marines What do we mean when we say that demand is culturally relative What we demand is dependent on what values the cultures teach us And they vary from culture to culture What do we mean when we say that demand is culturally relative What we want What we think we need How much of it How and why these change Is culturally relative What is not necessary for the Market Economy Social relationships Why is the Market Economy based on faith Because people pretend that currency has value Currency has no value unless you pretend it has value Currency has Intrinsic Value something that is necessary to human survival no matter what the social context Gold has no intrinsic value just a block of mental People with out other people we can not survive we need social interactions of we become mentally ill and physically ill Diploma What are the 3 essential elements of the market economy Production Distribution Consumption List 5 examples of the connection between the American thanksgiving and consumption Family Cyber Monday Black Friday Macy s Parade Stores are open on Thanksgiving What are 3 things that Henry Ford is Famous for Use of the Assembly line in his manufacturing plants Building of Inexpensive Automobiles Voluntarily increases wages of the workers What is Fordism What did it create Create a capital and economy in the world When people have extra money then what they need to survive they will go and buy more things so manufactures build more hire more people and now it s a cycle When you trying to slow down you stumble like running down a steep hill What is the foundation of the global economy Ever increasing consumption It s not enough to consume what we consumed yesterday What is a shopping disorder What is one possible explanation why people suffer from it People who cant help them self but shop even though they know they are over the credit card bill and may cause problems People who have low self esteems usually suffer from this What are 3 ways that Value is created in a Market Economy Need do not have to have to survive but they make our lives easier Processed food Pharmaceutical drugs Scarcity value more because its rare Social Acceptance Who is your reference group have what people in your group have latest clothes tech food etc This is all based in affluence having more than you need to survive The Gift Card Economy What 3 things might a gift as a singling mechanism allow one person to tell another Signify mechanism allows one person to tell another person that she is thinking about him Thinking about him Cares about him Wants to give him something he ll love What is a gift card breakage Revenue received by retailers from unredeemed expired or lost gift cards Why is the gift card good for the giver but bad for the recipient Its easier for the giver to buy it because gift cards are easy to purchase Its not good for the recipient because they might think the giver didn t put much effort into finding a gift What is the value of any gift dependent on The value of any gift is dependent on the relationship between the recipient and the giver The Zen Road Affluence Why is it impossible to separate people s indispensable needs from their discretionary wants It is impossible to separate people s indesirable needs from their discretionary wants because all human groups attach culture meanings to the goods and services they consume What kind of statement is made about people by what they consume What people consume makes a statement about who they are what they value and where their loyalties lie How does fast food become highly valued in capitalist mode of production Fast food becomes highly valued when a lap test made of production draws into the paid workforce those households members who previously had the time