Question

explain how global economics, business practices and media bias can affect the spending habit and budgeting practices of an individual.

Answer 1

Many factors affect consumer spending habits will directly affect the increase or decrease in a business revenue. One is global economic standing, significant changes in the global financial market and economic environment would affect the consumer confidence and spending habits.
Another factor is a company's business practice, according to CRM.com, more than two-thirds of Americans say they consider a company's business practice and prefer to support or buy from those who support social causes or issues. It has been noted that championing a cause or increasing transparency in companies resulted to beneficial synergies. It was also noted that a company business practice is a major purchasing power and consumers say that 85% of Americans would switch product or services if problems with business practices were uncovered.
 The last factor is media bias, in most cases, the media is considered as the primary source of information. May it is through television, radio and the internet, consumers mainly derive information about products from them. It is through media that the tone, agenda, and discussions are determined, a constant coverage on a specific item may influence consumer perception of it and therefore affect the purchase or rejection of a product or service.