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Lifestyle Creep
Lifestyle creep, also known as lifestyle inflation, is a phenomenon that occurs when as more resources are spent towards standard of living, former luxuries become perceived necessities. Description An individual's discretionary income could increase as a result of increased income or decreased cost, such as paying off a mortgage. As discretionary income increases, individuals are able to spend money on things that were previously unaffordable. Lifestyle creep occurs when spending increases at the same rate as income. It can be reflected in purchases, such as expensive vehicles or a second home. Spending money on things with ongoing maintenance costs, such as club memberships, also are demonstrated in lifestyle creep. Lifestyle creep tends to be insidious, so it can be difficult to realize it is occurring. This is why some experts have called it a “silent inflation”. Although it is difficult to perceive, it can be contagious as people compare their own lifestyle with othe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Life Style Of The Wealthy (23173133911)
Life is a quality that distinguishes matter that has biological processes, such as Cell signaling, signaling and self-sustaining processes, from that which does not, and is defined by the capacity for Cell growth, growth, reaction to Stimulus (physiology), stimuli, metabolism, energy transformation, and reproduction. Various forms of life exist, such as plants, animals, fungi, protists, archaea, and bacteria. Biology is the science that studies life. The gene is the unit of heredity, whereas the Cell (biology), cell is the structural and functional unit of life. There are two kinds of cells, prokaryotic and eukaryotic, both of which consist of cytoplasm enclosed within a membrane and contain many biomolecules such as proteins and nucleic acids. Cells reproduce through a process of cell division, in which the parent cell divides into two or more daughter cells and passes its genes onto a new generation, sometimes producing genetic variation. Organisms, or the individual en ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Phenomenon
A phenomenon (plural, : phenomena) is an observable event. The term came into its modern Philosophy, philosophical usage through Immanuel Kant, who contrasted it with the noumenon, which ''cannot'' be directly observed. Kant was heavily influenced by Gottfried Wilhelm Leibniz in this part of his philosophy, in which phenomenon and noumenon serve as interrelated technical terms. Far predating this, the Ancient Greek Philosophy, ancient Greek Pyrrhonism, Pyrrhonist philosopher Sextus Empiricus also used ''phenomenon'' and ''noumenon'' as interrelated technical terms. Common usage In popular usage, a ''phenomenon'' often refers to an extraordinary event. The term is most commonly used to refer to occurrences that at first defy explanation or baffle the observer. According to the ''Dictionary of Visual Discourse'':In ordinary language 'phenomenon/phenomena' refer to any occurrence worthy of note and investigation, typically an untoward or unusual event, person or fact that is of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Standard Of Living
Standard of living is the level of income, comforts and services available, generally applied to a society or location, rather than to an individual. Standard of living is relevant because it is considered to contribute to an individual's quality of life. Standard of living is generally concerned with objective metrics outside an individual's personal control, such as economic, societal, political and environmental matters – such things that an individual might consider when evaluating where to live in the world, or when assessing the success of economic policy. In international law, an "adequate standard of living" was first described in the Universal Declaration of Human Rights and further described in the International Covenant on Economic, Social and Cultural Rights. To evaluate the impact of policy for sustainable development, different disciplines have defined Decent Living Standards in order to evaluate or compare relative living experience. During much of its use in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Luxury Goods
In economics, a luxury good (or upmarket good) is a good for which demand increases more than what is proportional as income rises, so that expenditures on the good become a greater proportion of overall spending. Luxury goods are in contrast to necessity goods, where demand increases proportionally less than income. ''Luxury goods'' is often used synonymously with '' superior goods''. Definition The word "luxury" originated from the Latin word ''luxuria'', which means exuberance, excess, or abundance. A luxury good can be identified by comparing the demand for the good at one point in time against the demand for the good at a different point in time, at a different income level. When personal income increases, demand for luxury goods increases even more than income does. Conversely, when personal income decreases, demand for luxury goods drops even more than income does. For example, if income rises 1%, and the demand for a product rises 2%, then the product is a luxury go ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Necessity Good
In economics, a necessity good or a necessary good is a type of normal good. Necessity goods are product(s) and services that consumers will buy regardless of the changes in their income levels, therefore making these products less sensitive to income change. Examples include repetitive purchases of different durations such as haircuts, addictive habits including tobacco, everyday essentials such as electricity and water, and critical medicine such as insulin. As for any other normal good, an income rise will lead to a rise in demand, but the increase for a necessity good is less than proportional to the rise in income, so the proportion of expenditure on these goods falls as income rises. If income elasticity of demand is lower than unity, it is a necessity good. This observation for food, known as Engel's law, states that as income rises, the proportion of income spent on food falls, even if absolute expenditure on food rises. This makes the income elasticity of demand for food be ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Discretionary Income
Disposable income is total personal income minus current income taxes. In national accounts definitions, personal income minus personal current taxes equals disposable personal income. Subtracting personal outlays (which includes the major category of personal r privateconsumption expenditure) yields personal (or, private) savings, hence the income left after paying away all the taxes is referred to as disposable income. Restated, consumption expenditure plus savings equals disposable income after accounting for transfers such as payments to children in school or elderly parents’ living and care arrangements. The marginal propensity to consume (MPC) is the fraction of a change in disposable income that is consumed. For example, if disposable income rises by $100, and $65 of that $100 is consumed, the MPC is 65%. Restated, the marginal propensity to save is 35%. For the purposes of calculating the amount of income subject to garnishments, United States' federal law de ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mortgage
A mortgage loan or simply mortgage (), in civil law jurisdicions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged. The loan is " secured" on the borrower's property through a process known as mortgage origination. This means that a legal mechanism is put into place which allows the lender to take possession and sell the secured property ("foreclosure" or " repossession") to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms. The word ''mortgage'' is derived from a Law French term used in Britain in the Middle Ages meaning "death pledge" and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure. A mortgage can also be described as "a borrower giving consideration in the form ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Retirement
Retirement is the withdrawal from one's position or occupation or from one's active working life. A person may also semi-retire by reducing work hours or workload. Many people choose to retire when they are elderly or incapable of doing their job due to health reasons. People may also retire when they are eligible for private or public pension benefits, although some are forced to retire when bodily conditions no longer allow the person to work any longer (by illness or accident) or as a result of legislation concerning their positions. In most countries, the idea of retirement is of recent origin, being introduced during the late-nineteenth and early-twentieth centuries. Previously, low life expectancy, lack of social security and the absence of pension arrangements meant that most workers continued to work until their death. Germany was the first country to introduce retirement benefits in 1889. Nowadays, most developed countries have systems to provide pensions on retiremen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hedonic Treadmill
The hedonic treadmill, also known as hedonic adaptation, is the observed tendency of humans to quickly return to a relatively stable level of happiness despite major positive or negative events or life changes. According to this theory, as a person makes more money, expectations and desires rise in tandem, which results in no permanent gain in happiness. Philip Brickman and Donald T. Campbell coined the term in their essay "Hedonic Relativism and Planning the Good Society" (1971). The hedonic treadmill viewpoint suggests that wealth does not increase the level of happiness. Overview Hedonic adaptation is a process or mechanism that reduces the affective impact of emotional events. Generally, hedonic adaptation involves a happiness "set point", whereby humans generally maintain a constant level of happiness throughout their lives, despite events that occur in their environment. in M. H. Apley, ed., ''Adaptation Level Theory: A Symposium,'' New York: Academic Press The pro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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