1. What is Social and Behavioral Science and how does it relate to Personal and Consumer Finance?
Social and Behavioral Science is the study of the society and people’s behaviors. You can also study people and how they interact in society. If you are studying people’s behavior you might want to study people’s spending habits. You could also study how the society as a whole spends their money. By studying people’s spending habits you might also see how that can affect the state of the economy. In Personal and Consumer Finance you learn about how people can spend their money, which is something you can do with Social and Behavioral Science.
2. Does your financial behavior affect others? Explain.
I believe that my financial behavior does affect others. One big way that my finances can affect others is if you have to borrow money. If you don’t have money to buy certain necessities, you might decide to ask others to borrow money. It probably would affect the person that lent you money. Something else that can affect other people’s finances is if you don’t have emergency savings, and there is a sudden financial issue that comes up. You might need some help from the government, if many people do this at the same time it could raise what other people pay to the government. Although I am not saying that if you are having a hard time with your finances you shouldn’t except government assistance. But none the less taking government assistance can affect the finances of others.
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How does the past and present behavior of consumers affect you or the economy now or in the future?
Past and present behavior can affect the terms of a loan. A past behavior you could have done that affects your ability to get a loan is not paying off something you got on a credit card when you were younger. It would have most likely dropped your credit score changing your ability to get a loan. If you continue not to pay off your credit card bills it will drop your credit score even
Social and Behavioral Science is the study of the society and people’s behaviors. You can also study people and how they interact in society. If you are studying people’s behavior you might want to study people’s spending habits. You could also study how the society as a whole spends their money. By studying people’s spending habits you might also see how that can affect the state of the economy. In Personal and Consumer Finance you learn about how people can spend their money, which is something you can do with Social and Behavioral Science.
2. Does your financial behavior affect others? Explain.
I believe that my financial behavior does affect others. One big way that my finances can affect others is if you have to borrow money. If you don’t have money to buy certain necessities, you might decide to ask others to borrow money. It probably would affect the person that lent you money. Something else that can affect other people’s finances is if you don’t have emergency savings, and there is a sudden financial issue that comes up. You might need some help from the government, if many people do this at the same time it could raise what other people pay to the government. Although I am not saying that if you are having a hard time with your finances you shouldn’t except government assistance. But none the less taking government assistance can affect the finances of others.
3. …show more content…
How does the past and present behavior of consumers affect you or the economy now or in the future?
Past and present behavior can affect the terms of a loan. A past behavior you could have done that affects your ability to get a loan is not paying off something you got on a credit card when you were younger. It would have most likely dropped your credit score changing your ability to get a loan. If you continue not to pay off your credit card bills it will drop your credit score even