The way by which social sites have made us economically and psychologically richer, and the implication of following famous and renowned people on social sites. Concept introduction: Inequality: Inequality is a type of discrimination based on income and other aspects of an individual. According to Karl Marx, the inequality of income has increased in the market because labors are exploited at an extreme level. Hence, the rich becomes richer and the poor becomes poorer, thereby widening the inequality gap. Explanation: Today at no cost, one can call one’s friend and family on social sites. This has made one psychologically rich because people have started bonding nicely. However, this has not made one economically effluent. To become economically rich, one must have higher purchasing ability in an economy. Similarly, by following big and famous people one can inspire other people to be like them, which is considered to be a good practice. The benefit associated with such practice is more than that of the cost, so the people are better off.

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Chapter 12, Problem 4DQ

To determine

The way by which social sites have made us economically and psychologically richer, and the implication of following famous and renowned people on social sites.

Concept introduction:

Inequality:

Inequality is a type of discrimination based on income and other aspects of an individual. According to Karl Marx, the inequality of income has increased in the market because labors are exploited at an extreme level. Hence, the rich becomes richer and the poor becomes poorer, thereby widening the inequality gap.

Explanation:

Today at no cost, one can call one’s friend and family on social sites. This has made one psychologically rich because people have started bonding nicely. However, this has not made one economically effluent. To become economically rich, one must have higher purchasing ability in an economy.

Similarly, by following big and famous people one can inspire other people to be like them, which is considered to be a good practice. The benefit associated with such practice is more than that of the cost, so the people are better off.

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