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The family as an economic system: A conceptual model supported by empirical research
Author(s) -
Williams Flora L.
Publication year - 1993
Publication title -
psychology and marketing
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.035
H-Index - 116
eISSN - 1520-6793
pISSN - 0742-6046
DOI - 10.1002/mar.4220100205
Subject(s) - consumption (sociology) , conceptual model , empirical research , function (biology) , resource (disambiguation) , selection (genetic algorithm) , production (economics) , goods and services , quality (philosophy) , unit (ring theory) , economic model , economics , marketing , environmental economics , microeconomics , psychology , economy , business , computer science , sociology , social science , computer network , philosophy , mathematics education , epistemology , database , evolutionary biology , artificial intelligence , biology
Economic functions found in any economic system can be observed in the family as a production and consumption unit of analysis. The development of a resource base and the decisions in performing each function are each influenced by the larger economy and influence the larger economy. Decisions about the use of the resource base determine the ultimate outcomes of satisfaction with goods and services and quality of life. These relationships, as hypothesized in a conceptual flow model presented in this article, can direct the selection of variables in empirical research. Results of several research projects that included selected components of the economic functions document the validity of the family economy model and contribute to theory development of the sources and role of consumption. © 1993 John Wiley & Sons, Inc.