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    Economic Self

    Uploaded by

    Marc Alhvin C. Brecia

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Economic Self

    Uploaded by

    Marc Alhvin C. Brecia
    9 views2 pages

    Original Title

    Economic-Self

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    © © All Rights Reserved

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    Copyright:

    © All Rights Reserved
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    Download as pdf or txt
    9 views2 pages

    Economic Self

    Uploaded by

    Marc Alhvin C. Brecia

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    Economic Self

    OBJECTIVES
    At the end of this module, you will be able to:
    1. Distinguish between needs and wants and how they in uence one's daily social behavior.
    2. Analyze and evaluate one's material and economic behavior that contributes to his or her
    sense of self.

    THE ECONOMIC SELF


    • People are likely to purchase products that can relate to their personality.
    • Material possessions signify some aspects of one's sense of self and identity.
    • Parents buy necessities because it is symbolic of their need to provide security.
    • While most millennials have inclination with gadgets or their food cravings.
    • Thus, one's sense of self and identity is in uential on how an individual chooses to
    purchase his/her wants and how he/she makes economic decisions that will address his/her
    personal and social needs.

    FACTORS THAT INFLUENCE THE BUYING DECISION


    1. Financial constraints
    2. Availability of items and services
    3. In uence of family and friends
    However, the most important factor is determining whether these items and services fall under
    wants or needs.

    NEEDS, WANTS & MATERIAL POSSESSIONS


    Needs- are those important for survival like food, clothing, and shelter.
    Wants- however, are synonymous with luxuries.
    Material Possessions- tell something of the personality and social values of those who own
    them. Possessions are extended versions of oneself.

    **can be discussed without adding sa ppt Buying a cell phone can now be perceived as a
    necessity but purchasing high-end units can be projected as their social status. Regardless of
    whether the things that people have are needs or wants.

    According to Roland Barthes, it is through objects that people assert their identities. He
    introduced the study of objects as signs and called it Semiology. Signs are anything that
    conveys meaning. It has two elements: signi ers which refers to its physical form and
    signi ed which are the mental concepts it refers to.

    The theory of the meaning of material possessions suggests that there are four functions of
    material possessions:
    1. Instrumental - functional properties of a product
    2. Social Symbolic - signify personal qualities, social standing, group a liation and gender
    role
    3. Categorical - the extent to which material possessions may be used to communicate
    group membership
    4. Self-expressive - a person's unique qualities, values or attitudes.

    Economic identity
    - A psychological phenomenon that results from social categorization.
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    - For instance, a category of economic status is whether a person belongs to the rich,
    sustainable or poor sectors of the society.
    - Factors a ecting economic identity: Professional development and self-determination as
    well as the motivational and value sphere of his personality.

    Economic Self-su ciency


    - It is the ability to consistently meet their needs and plays an important aspect to each
    person and family

    Consumer Identity
    - It is the ability to look at their pattern of consumption vital to an individual.
    REMEMBER! Decision making is important when being confronted with the question whether
    to buy or not to buy. Buy the goods that are needed but at times we can still indulge in the
    things that can provide joy.
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