You are viewing a single comment's thread from:

RE: How A Bogus Spending Culture Influences Market Rates; An Huge Issue For The Nigerian Economy? (3speak version)

in LeoFinance3 months ago

This is actually basic economics and it is also very practical because l noticed that when someone in Nigeria have just #1000 in school as a student, he will be able to use that #1000 to survive for about 5 days if he knows that money money will not come from any other place till the end of that five days.

On the other hand, that same person can use that #1000 to eat a meal if he knows that he have his sources intact.

Whenever people are ready to spend alot because they have the money, marketers will also increase the price and the price will continue to go up in that manner. The spending is always going to be affecting the price of commodities.

Sort:  

Sometimes the intent of spending is one of the reason why we have irregular market prices despite the fact that there is no scarcity. People sometimes spend to impress or oppress and this is why products and services sometimes go for an incredulous price that they are actually not worth. This is actually bad for the economy and the fiat currency of a country like Nigeria but then it is why we are experiencing so much inflation and even some denomination of the nation's currency it's already out of use. Thanks for stopping by.

Posted Using LeoFinance Beta

Ohhh... This is something that I've noticed and it is something that every other person should have noticed but many people still tend to act as if they do not know the effect of all these reckless spending on the economy as a whole

One of the things I believe is that I won't just buy anything for the sake of making a good impression to someone. I buy what I need when I need it and I believe that the Nigerian economy would have been better if we all decide to do that.