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Essay / Research Paper Abstract
This 4 page paper looks at the different influences that may impact on the way consumption take place in an economy and how consumers will try to maximize their income. Influences discussed include interest rates, tax rates, consumer confidence and expectations as well as value and overall utility and stimulus payments. The bibliography cites 5 sources.
Page Count:
4 pages (~225 words per page)
File: TS14_TEconchoice.rtf
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Unformatted sample text from the term paper:
and taxes which will impact on the level of the disposable income that is available to be used for discretionary consumption, as well as internal factors such as preferences and
values. There is a general pattern seen in the spending patterns of consumers, as disposable income reduces the level of expenditure will also reduce. This may be
an overall reduction in consumption, where the consumer chooses to buy less over all. For example, large white goods may be made to last for longer and repaired rather than
replaced or consumers may choose not to purchase some luxuries. However, consumption cannot stop altogether, certain essential items will be needed, they may be funded with cut backs in others
areas, such as buying less of an item, or from money saved by delaying expenditure. Alternatively there may be savings made by switching the type of purchases made, this may
include moving to cheaper brands of the same products, or purchasing acceptable substitutes. For example, one item that has increased in price is rice, the consumer may simply buy smaller
packets or rice and eat less, or they may choose to buy something else instead of rice such as potatoes if they are cheaper. These effects may be seen even
if there is not a drop in disposable income, but there is an expectation that there will be a drop. The opposite occurrences may be observed may occur where there
is an increase in disposable income. The choices that a consumer makes can be considered from an economic perceptive. In economic terms the amount a consumer has to spend
is referred to as utility (Nellis and Parker, 2000). It is understandable that consumers will want to maximize their utility; gaining the best value for their income. Bentham defines
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