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Scenario 6-3 "Consumerism Is a Pattern of Behavior That Helps to Destroy

question 41

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Scenario 6-3
"Consumerism is a pattern of behavior that helps to destroy our environment, personal financial health, the common good of individuals and human institutions" begins the first page on a World Wide website entitled "Overcoming Consumerism." It continues, "This site details ways that you can help defeat consumerism, save money, work less and lead a more satisfying and environmentally benign life while helping to restore the self-sufficiency of your community." (http://www.verdant.net/)
As one travels from page to page in the site, advertising is often implicated as a source of the movement toward consumerism. Many of the same criticisms of advertising found in the site were outlined in the textbook.
-(Scenario 6-3) The writers of "Overcoming Consumerism" believe that as consumerism grows, people will buy anything and everything. This reduces the incentive for companies to manufacture quality, long-lasting products. On the other hand, according to the textbook, a proponent of advertising might argue that

Definitions:

Inelastic

Describes a situation where the demand or supply for a good or service is less responsive to changes in price.

Elastic Demand

A situation in economics where the demand for a product is sensitive to price changes, leading to a significant change in quantity demanded if the price increases or decreases.

Wage Increase

Refers to the rise in the hourly, daily, or monthly payments made to employees for their work or services.

Total Payroll

The complete amount of money a business pays to its employees over a specific period, including wages, salaries, bonuses, and deductions.