Research Methods: Implications Of Psychological Research For The Economy

Question 1

What are economic implications?

Answer 1

Refers to the costs and benefits psychological research may have for the economy.

Question 2

Suggest possible ways research might help people who are economically inactive become active.

Answer 2

For example, research into the causes of depression has led to effective treatments, like flooding. These could treat people who have been unable to work due to severe depression.

Question 3

Suggest how research might increase/reduce costs in society.

Answer 3

For example, research into the causes of depression might lead to cost-effective treatments for depression. This might help reduce the significant costs associated with people who are so depressed they need expensive hospital care. Cost-effective treatments might allow severely depressed people to be treated in the community,
which would reduce costs on the state and benefit the economy

Question 4

Suggest how research might affect the productivity of people.

Answer 4

For example, research into working memory might support better education, as it would allow educators to understand how much information students can actually absorb. b. With improved education, we would develop a more skilled workforce, and this would improve the productivity of the workforce, benefitting the overall
economy.

Question 5

Suggest how research might affect consumer demand.

Answer 5

For example, research into conformity (e.g., the role of normative social influence) might enable advertisers to more effectively influence consumers. This would stimulate demand for the advertised product. Increased demand would also support relevant industries, and so would benefit the economy.