The relationship between Psychology & Economics

IX de Brito ~ group XDeomampo – Gallentes – De Jesus - Sanchez

Definition of Terms Economics• the study of how individuals and groups make decisions with limited resources as to best satisfy their wants, needs, and desires.

Psychology• the scientific study of the human mind and its functions, especially those affecting behavior in a given context.

FIRST connection Economics• the study of how individuals and groups make decisions with limited resources as to best satisfy their wants, needs, and desires.

Psychology• the scientific study of the human mind and its functions, especially those affecting behavior in a given context.

Inside the definition

SECOND connectionHow these two work and affect each other…

THIRD connectionMore than 200 angry relatives of passengers on the missing Malaysia Airlines flight MH370 kept members of the carrier's staff in a hotel in Beijing for more than 10 hours, the airline said on Friday.

A spokesperson for Malaysia Airlines said relatives held 10 members of staff for nearly 11 hours inside the hotel ballroom where a briefing was due to take place on Thursday, insisting they wait there while the family members went to the embassy to try to get a Malaysian official to attend the meeting.

Relatives of the passengers on the missing jetliner have been staging a sit-in protest outside the Malaysian Embassy in Beijing after officials failed to show up to update them on the search.

"Malaysia Airlines confirms that its staff were held at the Lido Hotel ballroom in Beijing by the family members of MH370 as the families expressed dissatisfaction in obtaining details of the missing aircraft," the airline said.

In a separate incident, a Chinese family member attacked a Malaysian Airlines security supervisor on duty at the same hotel on Tuesday.

The entire news article is in: http://www.independent.co.uk/news/world/asia/missing-malaysia-airlines-flight-mh370-angry-relatives-hold-staff-at-beijing-hotel-for-10-hours-9288834.html

Physical evidences

The important role of PSYCHOLOGY in our ECONOMY

Human psychology guides people when they make economic decisions and the purpose.

Companies will be able to provide a better service to their costumers if they know how the mind of their client works.

 The interaction of economy and psychology helps to determine our society and our individuality.

Some problems experienced in PSYCHOLOGY in our ECONOMY

Isolation, anxiety, loneliness, and depression are psychological issues that profoundly impact work, consumption, and debt.

Likewise, unemployment, income inequality, and exploitation shape our emotional and intimate lives

REFLECTION Depression, anxiety & loneliness can affect one’s daily performance.•What would be your approach to these situations in the future? or •How would you handle these situations so that it will not affect your daily tasks in life?

Sources:~ http://economics.about.com/cs/studentresources/f/whatiseconomics.htm

~ http://en.wikipedia.org/wiki/Psychology

~ http://rdwolff.com/content/economy-and-psychology

~ http://ideas.repec.org/p/okn/wpaper/0001.html

PHOTOS~ http://pixeldreams.com/blog/wp-content/uploads/2013/01/Economics+Technology+Psychology.png

~ http://www.apa.org/divisions/div46/illus_2heads-media.gif

~ http://fc07.deviantart.net/images3/i/2004/096/e/c/LONELINESS.jpg

...THE END...