Values
Values effect our decisions on how to use our personal means (time, skill, money and family ) to get the goods and services we want.
Copy the following definition into your Vocab List Values - core beliefs or principals that we consider important
They are different than Morals as morals tend to be commonly held views on right and wrong, where values differ between people. Many of our values are based on morals
Factors that determine values are:
Upbringing
Culture
Religion
Media
Peer pressure
In economics these values are important Honesty Telling the truth the whole truth and nothing but the truth Integrity A person of integrity is someone you can trust and rely on Fair Dealing Fair dealing is: not ripping people off, or taking advantage of other people Consideration of others Thoughtfulness, compassion, respect, concern, courtesy and kindness toward others
The link between values and consumer activity Values affect our decisions Decisions affect our actions Actions involve the use of our means Time money and skills