Question

What are your general thoughts about consumerism and capitalism

Answer 1

Capitalism is an economic system that encourages goods and services to be generated in order to generate profit, which is typically obtained as cash. Capitalism's cornerstones are wealth generation, private property accumulation, and the willingness of the individual to trade their wealth for other goods and services. Output is part of a private-owned company in the capitalist model that could consist of a single individual or a huge multinational corporation. Individuals and businesses enjoy a relatively large amount of freedom to produce increasing wealth, although this must follow fair play rules and comply with the relative laws of the country in which they work. We can then purchase, sell, and handle their assets, investments, and business models in this sense as they see fit. The motivation of the ability of a person to own all or part of the wealth they produce ensures they do their utmost to optimize their hard work and diligence. If a person cheats and crosses the limits of acceptable behaviour, they must be disciplined according to the crime they have committed.

Maximizing income is the main focus of contemporary capitalism. For those who are active participants, this is the fundamental force which leads to increased rates of prosperity. Most products or services will be available in a competitive economy, everyone vying to offer the best value. Through setting their prices accordingly, the service and product suppliers would seek to maximize their gain as much as possible. Sellers will need to remember the prices set by the market when selling their products, something that will restrict the maximum price they can set.

Consumerism is the act of buying and consuming products and services by individuals or companies. This depends on the manufacturers ' goods and services and on the quality or variety of goods and services being sold to customers. Because consumers are only going to buy the products they need or want, consumerism is affecting how things are made and what is created. It also forms the state's economic policies, programs, and rules.

The focus of consumerism on rising consumption levels has some tremendous disadvantages. Constantly consuming commodities in greater and greater amounts fosters self-centered behaviors that are likely to have a negative impact on society. Materialism, where people focus on goods rather than more abstract issues like joy and relationships with friends and family, can also have an eroding effect on society. As described, consumerism obsession pushes many people to borrow money to pay for things they don't always need.