Macroeconomics: Global Consumers Behavior & Spending Habits

These flashcards cover key concepts and vocabulary from the lecture on global consumer behavior and macroeconomics.

Macroeconomics

The branch of economics that studies the behavior of an economy as a whole, including issues like inflation, unemployment, and economic growth.

Global Consumers

Individuals who purchase goods or services influenced by global factors such as international trade, culture, and economic trends.

Behavior & Spending Habits

Patterns in how consumers make purchasing decisions and manage their finances, influenced by various social, economic, and cultural factors.

Scarcity of Resources

The fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.

Supply and Demand

Economic model of price determination in a market.

Sustainable Economic Growth

Economic growth that meets the needs of the present without compromising the ability of future generations to meet their own needs.

Full Employment

The condition in which all individuals willing and able to work at prevailing wage rates are employed.

Stable Prices

A situation where the general price level in the economy does not experience rapid increases or decreases.

Central Bank

The institution responsible for managing a country's currency, money supply, and interest rates.

Economic Indicators

Statistics that signify the current state of the economy and can indicate future growth or contraction.

Nominal GDP

The market value of all final goods and services produced in a country in a given year, unadjusted for inflation.

GDP per Capita

The total economic output of a country divided by its population, indicating the average income per person.

Inflation Rate

The rate at which the general level of prices for goods and services is rising.

Unemployment Rate

The percentage of the labor force that is unemployed but actively seeking employment.

Total Imports and Exports

The total worth of goods and services that a country imports and exports over a given time period.

Economic Challenges

Obstacles that hinder economic growth and prosperity such as high unemployment rates or inflation.

Consumer Behavior

The study of how individuals decide to spend their resources on consumption-related items.

Luxury Consumption

The purchasing of high-end goods and services, seen as a reflection of wealth and status.

CPI (Consumer Price Index)

A measure that examines the average change over time in the prices paid by consumers for a market basket of consumer goods and services.

Digital Transactions

Financial transactions that occur through digital means, such as through apps and online banking.

Exports

Goods and services produced in one country and sold to another.

GDP Growth Rate

The rate at which a nation's gross domestic product increases or decreases.

Fiscal Policy

Government policies regarding taxation and spending to influence economic activity.

Foreign Direct Investment (FDI)

Investment made by a company or individual in one country in business interests in another country.

Protectionism

Economic policy of restraining trade between countries through tariffs on imported goods.

Tariff

A tax imposed on imported goods, making them more expensive relative to domestic products.

Trade Balance

The difference between a country's exports and its imports.

Subsidy

Financial aid supplied by the government to support a business or industry.

Monetary Policy

The process by which the central bank of a country manages money supply to achieve specific goals like controlling inflation.

Cultural Economics

The study of how cultural norms and values influence economic outcomes.

Consumer Confidence

An economic indicator that measures how optimistic consumers are regarding their expected financial situation.

Urbanization

The process by which more of a population comes to reside in urban areas.

Cloud Kitchens

Delivery-only kitchens with no physical dine-in options that reduce overhead and provide flexible dining options.

Caste and Culinary Stratification

The relationship between caste identities in India and their influence on food choices and consumption.

Social Media Gastronomy

The impact of platforms like Instagram on dining choices and restaurant marketing.

Deforestation-Free (DCF) Beef

A sustainable model in Brazil's cattle industry aimed at separating meat production from deforestation practices.

Nikkei Cuisine

A culinary fusion that merges Japanese and Peruvian flavors and techniques.

Omotenashi

The Japanese concept of selfless hospitality, putting the needs of guests first.

Selective Luxury Spending

The practice of discerning consumers spending on high-quality luxury goods that justify their price.

Experiential Over Transactional

A consumer preference for immersive experiences rather than mere product purchases.

Hybrid Shopping Behavior

The blending of online and offline shopping experiences as consumers research and purchase products.

Gaman

A cultural value in Japan that emphasizes endurance with dignity.

Gift-Giving Culture

A tradition emphasizing the exchange of gifts in Japanese society, often considered an expression of social relationships.

Point Systems

Loyalty programs in Japan that reward customer purchases with points redeemable for discounts or goods.