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What is the purpose of a budget

Personal Financial Literacy | 1st Edition | ISBN: 9780538444521 | Authors: Joan Ryan ISBN: 9780538444521 464

Solution for problem 1 Chapter 4-2

Personal Financial Literacy | 1st Edition

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Personal Financial Literacy | 1st Edition | ISBN: 9780538444521 | Authors: Joan Ryan

Personal Financial Literacy | 1st Edition

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Problem 1

What is the purpose of a budget?

Step-by-Step Solution:
Step 1 of 3

What is important to take away from our discussion is that this is how norms are formed: we observe what happens to others in a social situation, how their behavior is treated by others, and if nothing bad happens and especially if something good happens, then that behavior is considered appropriate and new behaviors emerge. By rewarding the students who went after the $5 envelopes, I changed the social norm that it is inappropriate to go after free stuff. Many students still stay in their seats (as they did this time), preferring to watch others. Maybe they were interested in seeing whether the students who went for the muffins were rewarded or punished—but they started questioning in their minds whether that norm was valid in this case. See how you can shift people’s behavior by rewardi

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Chapter 4-2, Problem 1 is Solved
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Textbook: Personal Financial Literacy
Edition: 1
Author: Joan Ryan
ISBN: 9780538444521

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What is the purpose of a budget