Economic Activity and Social Norms Flashcards

Vocabulary flashcards defining key economic indicators, consumer behavior factors, social norms, and corporate sustainability concepts.

Economic Activity

The total volume of economic interactions generated as consumers rely on businesses for wages, businesses rely on consumer spending, suppliers and services rely on business customers, and government relies on taxes.

High Economic Activity

An economic condition characterized by low unemployment, increasing wages, high discretionary spending, decreased saving, greater product choice, and high consumer confidence.

Low Economic Activity

An economic condition characterized by higher unemployment, decreasing wages, low discretionary spending, increased saving, reduced product choice, and low consumer confidence.

Consumer Confidence

The measure of consumer spending and how consumers feel about the current and future state of the economy.

Consumer Sentiment Index

An index in Australia formulated by Westpac by interviewing $1,200$ Australians across five key economic sub-indexes.

Westpac Sub-indexes

The five specific economic sub-indexes measured by Westpac: current financial conditions, future financial conditions, current economic conditions, future economic conditions, and major household item purchases.

Social Norms

The rules used by a society for behaviors that are considered acceptable, expected, right or wrong, and good or bad by cultural standards.

Community Social Norms

Norms prescribed by the lifestyle choices, interaction habits, and daily living practices of people within a specific community.

Business Public Image

The public perception of how a business conducts itself in the community, enhanced through local sponsorships, donations to charities, and community investments.

Sustainability

Meeting the needs of the present without compromising the ability of future generations to meet their own needs.

Corporate Social Responsibility

The practice where businesses integrate sustainable, ethical, and community-focused practices into their strategies to gain consumer trust and act as good corporate citizens.