Consumer behaviour 5 Essay Example | Topics and Well Written Essays - 1000 words

Consumer behaviour 5 - Essay Example This is true because most cultures that were exhibited in the last century are no longer practiced today as the new ones have replaced them. Nevertheless, Falk and Falk (2005) argue that a particular society may have more than one culture at any given time. At the same time, findings showed that youths are the most expressive when it comes to understanding the modern culture of a country or society (Moor, 2003). This makes me agree with the claim that to understand contemporary culture one needs to analyze the trends of its youth. To begin with, contemporary culture can be defined as the present culture exhibited by people of a given society as opposed inherited culture (Arvidsson, 2005). Some of the typical examples of contemporary culture include modern films, new arts, music, and literature among others. ‘Understanding culture,’ therefore, implies understanding the reasons behind the creation of these new cultures (Falk and Falk, 2005). Therefore, for us to understand culture, we must consider not only the obvious features expressed in the new culture but also the issues hidden in the new culture. A typical example can be drawn by looking at the new trends taking place in the music industry. Here, one can see clearly that the new trends being developed in the music industry has their origins from youths in society as noted by Arvidsson (2005). Take, for example, the hip-hop music, which has become a very common music among the youths of this generation. Certainly, hip-hop was not a type of music for the older generation rather has its roots from young people. As a result, one can conclude with certainty that contemporary culture reflects the trends of youths since they are created by youths. Arvidsson (2005) argues that young people are very flamboyant. As such, the beliefs and trends they follow are the most evident in society as opposed to that of the older generation. At the same time, evidence shows that when a given culture arises, it is th em who accepts it first and adopt it as opposed to the older generation, which tend to be more conservative. This is another reason that suggests that the trends of the youth is critical to undemanding the contemporary culture. The fact that youths are normally open-minded makes it easy for them to be influenced easily by new cultures. Take for examples globalization that has become part of the modern culture. Falk and Falk (2005) note that today globalization has permeated all aspects of social life, with its impacts being felt mostly among youths. A case in point is the increasing popularity of foreign language teachers and colleges’ couples with the growing number of multilingual youths who have embraced the culture of traveling from one country to another and coming across different cultures (Moor, 2003). Here, one can easily see the globalization elements of contemporary culture. This example shows that one can easily understand the culture of today by analyzing movement s of young people. A closer look at history also shows that most cultural revolutions originated from youth protests. The hippie movement of the 1960’s that began in the U.S. and later one spread to the rest of the world is a classical example of a cultural revolution, whose origin can be traced back to youth unrest according to Falk and Falk (2005). This movement is said to have been formed by youths due to frustrations they went through at the hands of the middle class who were increasingly focusing

Economics Essay Example | Topics and Well Written Essays - 2500 words - 5

Economics - Essay Example This is known as satisficing. If the firm wants to maximize its profits it will try to equate marginal revenue and marginal cost. Marginal cost refers to the increase in the total costs of a firm caused by increasing its output by one extra unit. From the viewpoint of economists, firms normally produce at a point at which the marginal costs are positive. Marginal revenue refers to the receipt from selling an extra unit of output. On the other hand, when the firms go for satisficing the managers of a firm need to make enough profit in order to satisfy the demands of their shareholders. Satisficing or profit satisficing denotes the managerial behavior that attempts to achieve some level profits. Once the satisfactory level of profits has been achieved, the managers are free to maximize their rewards that can be available from the particular company. All the markets are in equilibrium when the demand and supply are equal. Equilibrium or equilibrium price refers to the price level of a particular commodity at which quantity demanded equals quantity supplied. Here the price and quantity demanded are having a negative relation. The variables which are negatively related, for example price and quantity demanded, have an inverse relation. Here the price is a determinant and the quantity is determined. An increase in the price leads to a fall in the quantity demanded and vice versa. There are many inversely related variables in economics, for example rate of interest and borrowing, economic growth and balance of payment, unemployment and inflation etc, that is an increase in the rate of interest, an increase in the economic growth and an increase in the unemployment will cause a fall in borrowing, balance of payment and unemployment respectively. The actual market always tends towards the equilibrium price where demand and supply curves cut each other.