ADMS 3210 Lecture Notes - Lecture 7: Paris Hilton, Consumer Confidence, Old Money
15 Feb 2018
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To spend or not to spend: consumer demand = willingness to buy + ability to buy. Discretionary income: the money available to a household over and above that required for a comfortable standard of living. Consumer confidence: the extent to which people are optimistic or pessimistic about the future health of the economy, overall savings rate a function of, consumer confidence, national and world events, cultural difference in attitudes toward saving. Social class: a consumer"s standing in society, determined by income, family, background, education and income. Picking a pecking order: pecking order: relative standing in society, karl max: position determined by access to resources, max weber: 3 component theory of stratification, prestige, power and or wealth. Ascribed status: achieved: earned status through hard work (oprah, ascribed: born with it (paris hilton) Social mobility: the passage of individuals from one social class to another, horizontal, downward: going down in social class, upward: going up in status.
