Outcome economy is an economy contingent on the marketing, pricing and selling of goods and services based on the results or outcomes they produce for customers , rather than on an item or service’s face value.
How does culture affect the economy?
On average, cultures with a higher concentration of values identified as an achievement orientation, relative to a concentration of values supported with a limited good belief, experience more rapid economic growth . In countries where independence is emphasized in children’s upbringing, the economy will grow faster.
Does culture affect economic outcomes?
Culture is found to affect economic performance through two channels; cultural traits that stimulate individual motivation , and traits that develop social capital in the population. ... The analysis controls for factors commonly recognized in the economic growth literature.
What is the impact of cultural diversity in economic development?
Cultural diversity can have a positive effect on output growth if a more diverse working-age population is associated with a greater variety of skills that in turn enable the production of a greater variety of goods and services (e.g. Alesina and La Ferrara, 2005).
How does culture affect a country?
A free and strong cultural sector will promote other rights and values such as freedom of expression, diversity and debate about needs in society. Culture ensures unity during crisis, influences identity, debate and dialogue . It is important for nation building and for peace and reconciliation.
What are examples of economic outcomes?
The dependent variable is either an economic outcome (e.g., growth, unemployment, or inflation ) or a policy (e.g., budget deficit or rate of money growth), with the covariates being both economic and political indicators.
How do you calculate economic outcomes?
- Government borrowing/national debt.
- Real disposable incomes.
- Income inequality (Gini coefficient)
- Labour productivity.
- Investment levels.
- Exchange rate.
- Misery index (inflation rate + Unemployment rate)
- Poverty levels.
What are the positive and negative effects of cultural diversity?
Positive effects can include building a sound knowledge base with in-house talent , which can make for smoother integration of the organization into foreign cultures. One negative effect of cultural diversity in the workplace is the increased tendency of organizational personnel to indulge in interpersonal conflicts.
How does diversity benefit the economy?
A diverse workforce can capture a greater share of the consumer market . By bringing together individuals from different backgrounds and experiences, businesses can more effectively market to consumers from different racial and ethnic backgrounds, women, and consumers who are gay or transgender.
How does immigration affect cultural diversity?
Immigrants Expand Culture by Introducing New Ideas and Customs . ... In reality, immigrants change culture for the better by introducing new ideas, expertise, customs, cuisines, and art. Far from erasing the existing culture, they expand it.
What is culture and its importance?
Culture is the lifeblood of a vibrant society, expressed in the many ways we tell our stories, celebrate, remember the past, entertain ourselves, and imagine the future. ... In addition to its intrinsic value, culture provides important social and economic benefits .
How does material culture affect society?
Studying the physical objects of a culture gives us a better understanding and appreciation for the complex lives of the people who interacted with those objects. Material culture provides us insight into nonmaterial culture
What are two cultural examples?
Customs, laws, dress, architectural style, social standards, religious beliefs, and traditions are all examples of cultural elements.
In addition, social impact includes wages, breaks, adherence to employment laws, safety, training, and numerous other specific labor practices . Finally, social impact includes the impact on the local public and social services sector as a result of the business’s activities.
What are the economic benefits of physical activity?
Over the years, economists have found physical fitness has a positive impact on the economy in terms of discounted lifetime costs , annual direct health care costs, productivity due to reduced absenteeism, and capacity for independent living among older adults.
What is the economic impact on the healthcare system?
Overall Economy Rapidly rising health care spending is considered to lower the rate of growth in GDP and overall employment , while raising inflation. However, some economists view increases in health care spending as a neutral, if not positive, impact on the economy.
