Psychology and the economy

Question 1

What is the economy?

Answer 1

The production, distribution and consumption of goods and services

Question 2

What do we mean by psychological research having implications for the economy?

Answer 2

Findings from psychological research can influence, benefit or devalue economic prosperity

Question 3

What are 3 examples of psychological research which have had implications for the economy?

Answer 3

1. Research on attachment
2. Research on psychopathological disorders
3. Research on social influences and social change

Question 4

How has research on attachment had implications for the economy?

Answer 4

The idea of children forming multiple attachments- both parents can provide emotional support for child and so promotes more flexible working arrangements within the family= maximise income and contribute more effectively to economy.

Question 5

How has research on psychopathology had implications for the economy?

Answer 5

Absence from work due to mental disorders costs the economy billions of pounds a year. Treatment for disorders allow sufferers to manage their condition and return to work.

Question 6

How has research into social influences and social change had implications for the economy?

Answer 6

Social influence research tells us how behaviour and attitudes can be changed through minority influence- can use this to implement changes within the economy.