ECONOMICS

Detailed explanation-1: -Social values are argued to effect economic life. The literature distinguishes several key social values, such as social capital, modernism and tolerance. Overlapping and conflicting views argue that higher levels of social values correlate with higher levels of economic development.

Detailed explanation-2: -Economic factors include economic growth, percentage of unemployment, inflation, interest and exchange rates, and commodity (oil, steel, gold, etc) prices. These affect the discretionary income and purchasing power of households and organisations alike.

Detailed explanation-3: -The social influence model illustrates that people weight social information differentially according to the authority of other decision makers. The influence of authority was strongest when an authority’s decision contrasted with private information.

Detailed explanation-4: -When we make decisions and take actions that honor our values, we are best able to maximize our feelings of satisfaction and fulfillment. When we make decisions that do not honor or might conflict with our values, this can cause discontent and dissatisfaction.