PreparED Study Materials
Exam Study Guide Economic Geography Final Exam Flashcards
Author: Student Professor: Dr. Brian Cooper Term:
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Simple definition for consumerism
"The modern form of consumption" (rising incomes displaced the politics of work, meaning buying became more important than struggles over workplace hours, pay, and conditions)
Where the first department stores appeared in the 1830s
What is used o help create new demand or new needs for producing among consumers to help capitalism thrive
"Specialized products for Specialized markets" (a LUXURY product would best be classified as serving this market)
Type of Organization that generated the backlash against the rise of consumerism in the places where it originated as well as the place spread to
RELIGIOUS organizations (like the Catholic Church) due to materialism, which spread to the developing world
The social interaction or relationship that consumerism said to have helped "invent"
"you make initial payments, until you pay it off"
The company that introduced financing for automobiles during the Great Depression, helping create the credit industry
General Motors (GM)
The concept that credit cards helped undermine a concept that was strong in the days of saving for large purchases or layaway
Why did credit card companies and banks promote credit cards?(what about credit cards made them major sources of income for those firms)
They are a BIG PROFIT GENERATOR because of INTEREST
Who came up with the Sociological views on consumption?
Who did the person, who came up with the sociological views on consumption, study?
the ROBBER BARONS of the 1900s (like Carnegie, Rockefeller, J.P. Morgan)
"Consumption as a social statement to others of their wealth and status basically to show off their wealth and status"
"an addiction to spending" or a dogged pursuit of MORE a perpetual cycle of discontent (never satisfied with buying, always wanting more and more)
Whose philosophy were the Neoclassical views on consumption based upon?
the utilitarian thought of Jeremy Bentham
the central concepts of the neoclassical views on consumption
1) people will MAXIMIZE pleasure and MINIMIZE pain2) the ideal consumer is the "homo economicus"3) markets are ALWAYS OPTIMALLY EFFICIENT economically (and morally) internally consistent, has no problems
the flaws of the neoclassical views on consumption
1) LACKS historical and social context (meaning it doesn't account for the social dimensions on consumption)2) believes consumption as a purely individual act (even when individuals act rationally to maximize utility, that can lead to collective irrationality or market failure)
What did Marx place more importance upon in the Marxist views on consumption?
PRODUCTION+LABOR(placed these two over consumption)
the central concepts of the Marxist views on consumption
- unless products are entirely consumed, firms cannot realize profits generated at the workplaceTo Marx, Labor was a commodity whose use value was less than exchange value to employers
Marx views on commodities
Commodities are NOT JUST THINGS, but embodiments of social relations, complex combinations of labor, nature, and ideology
DIFFERS from person to person (its personal)qualitative subjective dimensions
"how much money needed to exchange to get a product"the price products command on market