Discuss the ways that psychology influences our sense of money.
What will be an ideal response?
Ans: The meaning of money is learned. The worth of money and how it is thought of and used is developed through socialization. How we save and buy is psychologically influenced. Money and emotional well-being are related in the ways that money is used and thought of in comparison to standards learned developmentaly or from comparison groups.
Learning Objective: 1. Discuss the historical, learning, and developmental aspects of money. And 2. Explain how and why behavioral economics works.
Cognitive Domain: Analysis and Application
Answer Location: History of Money
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