The Close Relationship between Businesses and the Media Bias

Many people make impulsive decisions, which can lead to excessive spending and debt. Although education teaches individuals how to manage money and avoid debt, sometimes irrational decisions are made, resulting in money being unnecessarily spent. When this happens repeatedly, the debt accumulates and accrues interest, creating a cycle of spending. Interest rates on loans are high, and credit card interest is even higher. Global economics, business practices, and media bias all persuade individuals to alter their spending and budgeting habits, usually without their awareness.

Global economics exerts the greatest influence on spending due to the outsourcing of jobs to other countries. When corporations manufacture products in a country with low minimum wages, they save the money that would otherwise be paid to employees. This allows the final price of the product to be lower than if it was manufactured in the United States. In addition, exchange rates can cause the U.S. dollar to decrease in value relative to another country’s currency if their monetary value increases. This leads to higher spending to acquire the same quantity of products.

Businesses control the prices of their products and the budgets of their employees. The price at which corporations sell a product dictates the amount consumers spend on it. The salary that a company pays its employees determines their budget. If a business chooses to pay its employees the minimum wage, these individuals will be financially restricted. If the business opts to pay twice the minimum wage, employees will have a higher living standard because they will have additional funds to spend and more disposable income.

Media is the primary means through which people learn about new products. If the media solely mentions one brand of a product, it may lead you to assume this is the best brand. These products might be more expensive than their competitors, causing people to spend more money because they are unaware of all available options. Moreover, the media may favor certain companies, emphasising their deficiencies while ignoring their strengths. They may reveal that a company is laying off employees, without disclosing that the company is hemorrhaging money and must manage its finances closely to stay operational. This bias could dissuade people from supporting that company.

Whether people realize it or not, their spending and budgeting habits are influenced by global economics, business practices, and media bias. Global economics lowers product prices for consumers. Businesses determine the prices of their products, and the media reports news, occasionally with a bias that can damage a company’s reputation. Individuals often spend more money due to these factors, frequently without being aware of other options.

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