Lecture 4 Understanding The Self, Lecture notes of Philosophy of mind

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Understanding The Self

I. The Self From Various Perspectives

(Lecture 1-3)

II. Unpacking The Self

III. Managing and Caring For The Self

UNPACKING THE

SELF:

ECONOMIC SELF

Lecture 4

CONSUMPTION is the overall spending on consumer goods by individuals, groups and even nations in a particular time frame. As people continue to fulfil their wants and needs, they would naturally consume and spend for goods. The way the consumers would behave is called consumer behavior.

FACTORS THAT AFFECT CONSUMER BEHAVIOR

• (^) Wealth. Someone who has a million pesos in the bank would probably consume more than someone who has no savings at all. More wealth tends to lead to higher consumption. This behavior is called, wealth effect , and is seen in the fact that rich people have an abundance of things in their house.

FACTORS THAT AFFECT CONSUMER BEHAVIOR Income. Income is mostly limited, so consumers are restricted by their own budget. Just like wealth, the more income the person has, the more likely that he will spend more. Someone who spends less than what he earns would have surplus money which he could turn into savings, investments, and ultimately, into wealth. But the less income a person has, the more likely he will spend less. At a certain point, however, low-income earners tend to dissave, or spend more than what they earn.

FACTORS THAT AFFECT CONSUMER BEHAVIOR Psychological Factors. Among these are the consumers’ desires to get the most of their money or utilize it to the fullest.

FACTORS THAT AFFECT CONSUMER BEHAVIOR Psychological Factors. Another one of these psychological factors is the built-in preferences each individual has. One girl may prefer buying nice earrings while another would want shoes. Still, one particular girl may want black leather shoes, while another would like more colourful ones. Obviously, each individual’s preference has a great influence on consuming behavior.

Rights of the Consumer

• (^) Right to Safety. Consumers should be assured that products in the market are safe, and that they are protected from any product or good that may do harm to health or life.

Rights of the Consumer

• (^) Right to Information. Consumers

should be informed about any

news or issues regarding a

product, service, or anything that

has to do with consumption,

especially those with regard to

pricing, safety, and standards.

Rights of the Consumer

• (^) Right to Complain. The consumer has all the right to complain about overpricing, substandard quality of goods and services, or any other matter that would jeopardize a fair deal for him.

Rights of the Consumer

• (^) Right to Choose. Consumers have

the right which product they will

choose among two or more

competing products. They should

not be coerced or intimidated

into buying any good, product or

service.

Rights of the Consumer

• (^) Right to Safe Environment. The buying of goods should be done in the safest environment as possible, free from crime or unsafe conditions, so that consumers will not fear anything while they are doing their purchasing of products.

Kinds of Consumption

• (^) Extravagant Consumption. This is consumption of expensive goods, high above the means of the consumer. Or even if the consumer is wealthy, the goods are not worth the price. Sometimes this is done to gratify certain psychological need, such as the need to be praised or recognized.