Although studies show that people from rich countries are generally happier than those from poor countries, the same studies indicate that poor people lead more meaningful lives. People from rich countries have more things, which makes them happy, but poor people tend to have stronger relationships.Know More
The Easterlin Paradox proposes that while people in rich countries are not necessarily happier than people in poor countries, a rich person within a country is usually happier than a poor person from the same country.
A Gallup poll found that only one-third of people making less than $35,000 a year are happy, but all of the people making more than $500,000 a year say they are very happy.
Some studies show that the level of happiness is never satiated; a person making $1 million a year is not as happy as a person making $2 million a year.
A study by the Brookings Institution supports the theory that a person cannot be rich enough. Wealth equates to freedom and privilege and gives those who have money the ability to live and work in a number of different places in the world. Wealth also relieves the stress of meeting basic needs, such as food, clothing and shelter, which adds to the happiness quotient.Learn more about Economics
Economic self-interest refers to the financial theory that says people should make economic decisions based upon the best outcome for themselves. Self-interest is defined as a way of promoting activities and beliefs that serve to benefit the person making the decision over any other parties involved. Many criticize economic self-interest because it has the potential to harm the interests of others and ultimately negatively affect their situation.Full Answer >
It is the people who make decisions in a modern-day market economy. This is the case because decisions about production, investment and distribution are based on the rules of supply and demand. The prices of goods and services are then determined in a free price system.Full Answer >
A bureaucratic culture is a hierarchical and formal organization that has several levels where tasks, authority and responsibilities are delegated between departments, offices or people. This structure is held together by a central or main administration, and it has led to the development of modern civilization.Full Answer >
Scarcity causes problems because people in the world place a lot of demand on a large variety of resources, but there are only finite amounts of those resources available. Scarcity is a measurement of supply that means the quantity or availability of a resource is low.Full Answer >