W9 Money Flashcards
Absolute standard
Global standard of how absolute level of income can affect WB
Relative income standing
An individual’s happiness level is contingent on the standard based on one’s society rather than an absolute standard across the world.
Positive vs nonpositive
Instead of using the terms relative and absolute, which emphasizes social-cognitive mechanisms, we use the terms positive and nonpositive because these terms cover a broader array of mechanisms.
Symbolic properties of income
Demonstrate social standing (e.g., socioeconomic status) and is a symbol of control, and even viewed as a symbolic resource to obtain love
Functional properties of income
The functional property of income is demonstrated in two ways: (1) as a resource that buffers against major life events (e.g., illnesses, unemployment), daily life hassles, and inconveniences (e.g., purchase of help); and (2) as a means to obtain goods and services that are need fulfilling
Status (mechanism)
Apart from the raw value of income, this could also occur through the purchase of status-building commodities. For instance, conspicuous consumption is primarily meant to signal high income and greater social status
Proximal context vs macro-context
It is proposed that the proximal social context in which an individual is situated provides the referent point for acceptable levels of income.
Macro-context: national level
Resource-buffering perspective
The possession of resources can exert positive effects on well-being and buffer against negative life events; a reduction in resources however can exert negative effects on well-being.
(Conservation of Resources Theory)
Need fulfilment perspective
money can be viewed as a means to obtain payment for goods and services and possessing higher income can enable individuals to fulfill physical and psychological needs.
Job characteristics model
The Job Characteristics Model is a theory that is based on the idea that a task in itself is the key to the employee’s motivation.
From the perspective of the Job Characteristics Model (Hackman & Oldham, 1976), high-paying professional and management-level jobs often have characteristics such as skill variety, task significance, task identity, autonomy, and feedback, resulting in greater fulfillment of psychological needs and hence SWB.
Income generation context
Space in which income is earned (e.g. working environment, routine)
theory of scarcity
having less actual or perceived time (or money) increases people’s likelihood to choose that resource over the other
abstract vs concrete construals of time
whether time is construed more concretely (e.g., in terms of day-to-day scheduling) or abstractly (e.g., in terms of one’s time to be alive)
time famine
The feeling of being pressed for time in people’s day-to-day lives
active vs passive leisure
More active forms of leisure, such as exercising and volunteering, are linked to greater daily positive mood compared to more passive forms of leisure, such as watching TV, relaxing, and napping
