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LIFESTYLES: The opinions, activities, and interests that an individual expresses through his or her pattern of living. People tend to spend their time in certain ways and with certain types of people. These tendencies of interactions with others and utilization of time strongly affect many components of consumer behavior and subsequent decisions to purchase or not. Lifestyle patterns influence product needs, brand preferences, where people shop, and types of media that are effective to reach consumers.
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INCOME ELASTICITY OF DEMAND The relative response of a change in demand to a change in income. More specifically the income elasticity of demand is the percentage change in demand due to a percentage change in buyers' income. This notion of elasticity captures the buyers' income demand determinant. Three other notable elasticities are the price elasticity of demand, the price elasticity of supply, and the cross elasticity of demand.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time at an auction wanting to buy either a pair of blue silicon oven mitts or a coffee cup commemorating the 2000 Olympics. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"If you are going to achieve excellence in big things, you develop the habit in little matters. Excellence is not an exception, it is a prevailing attitude. " -- Colin Powell, general
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