Consumerism Flashcards
Define Consumerism
Consumerism is an economic theory that states the more you buy, the better it is for the economy
What are the 5 factors of consumerism
Identity: who you are, what you believe in, what groups you’re in etc.
Health & Safety: Sin taxes, restrictions, what you want going into your body.
Jobs: What you buy affects the jobs people have. Buying a pen goes all the way to the people who supply the materials for making the pen as well as the drivers and people who sell it and manufacture it
Environment: Is it recyclable, is it harmful to the environment etc.
Marketing: Is it popular, how is it addictive
Which country is most likely to restrict trans-fat
Canada because it’s a mixed economy where government is more involved and values cooperation and the public good than individualism.
Ex. Edmonton schools banning junkfood
Ex. Calgary restaurants trimming down trans fat
Ex. Canada’s gov asking companies to reduce trans fat voluntarily
What are the measures of economic growth?
- How much profit a country’s economy makes from goods and services
- how many people have jobs and are making income
What shows that the economy is shrinking?
If profit falls or fewer people have jobs, it means the economy is shrinking rather than growing
Extra Note: In both Canada and the U.S., governments watch consumer spending closely. Through tax breaks and other measures, they sometimes encourage consumer spending to keep their economies growing
Legislation and the environment, what does the government regulate and monitor?
The amount of toxins industries can release into the atmosphere such as acid forming emissions
What has both U.S and Canadian governments banned for the environment (Environment Legislation pg 253)?
Leaded gasoline because of the harmful effects on human health
What products do government programs label for energy efficient options (Environment Legislation pg 253)?
Appliances, they label which ones are more energy efficient so the consumers can identify them
Extra Note: Most changes for organic and green products come from consumer demand, not legislation
What contributed to the decision to keep the Kennecott mine open and operating?
Consumer demand for products containing copper such as plumbing pipes, pens, instruments etc.
What does legislation say about consumerism and marketing?
- Ads can’t make false misleading claims about products or services
In Canada, what does the marketing rules come under?
The competition act, it aims to uphold competition among producers by ensuring fair business practices which includes marketing
What are the 6 marketing techniques?
- Bandwagon effect: Encourages you to buy a product because everyone else is buying it
- Glittering Generalities: Promises something like clear skin or weight loss
- Plain folks Appeal: Appeals to plain folk, showing the product in everyday normal activities with normal people
- Emotional Appeal: Uses emotional language to connect with your fears and desires
- Testimonials: Gets a celebrity to speak for the product
- Scientific Appeal: Uses statistics and data
What’s a boycott?
A decision by consumers to stop buying a product as a way to bring forth change
How does prosperity affect consumerism?
The better off they are, they more they’ll spend
The theory of consumerism states that the more____ people have, the more likely they are to ____
money, spend it
