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T6 Scarcity Mindset Flashcards | StudBud
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T6 Scarcity Mindset
T6 Scarcity Mindset
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1
Myopic thinking is:
Exhibiting bias towards the future = delaying goals
Exhibiting bias towards here and now = immediate benefits
Exhibiting bias towards the past = feeling nostalgia
Exhibit bias about your level of scarcity= always perceiving loss
2
Focusing so hard on what seems to matter that you exclude other important aspects of neglect to see their importance
Scarcity Mindset
Tunnel Effect
Divided Focus
Goal inhibition
3
Scarcity doesn’t always increase desire for a product e.g. vaccine scarcity decrease willingness to get the vaccine
False
True
4
How to marketing teams use scarcity as a strategy?
Limited availability - urgent & exclusive selling out / only 3 left
Add ons- extra legroom, extra baggage limited space
Social comparison FOMO -300 people have bought this
Induce panic buying - reduce anticipated regret if sell out
5
Scarcity mindsets promote:
Altruistic behaviors promoting generosity & donations
competitive behaviors promoting own well-being at the expense of others
6
Under scarcity conditions people focus more on the present. To focus on the future we need:
Executive Control
Deadline Inhibition
Attentional bandwidth
Cognitive Resources
7
A scarcity mindset is a belief that resources are limited and that one can run out or never have enough
False
True
8
Focus more on the aspects related to an approaching deadline that other concepts are inhibited or hard to focus on
Goal inhibition
Tunnel Effect
Scarcity Mindset
Divided Focus
9
Poorer people are:
Less likely to consider opportunity costs
Less likely the costs of individual items
Less likely to spend their resources efficiently
Less susceptible to framing effects
10
Why is Poverty related to poor self-control?
Increased need to make trade-offs (sacrifices)
Willpower is not limitless. Resisting temptations is taxing
Results in Myopic mindset
Taxes Cognitive recourses
11
The ability to focus one’s attention a particular stimulus while filtering out a range of other stimuli is:
The Monetary Effect
The Attentional Auditory Heuristic
The Cocktail Party Effect
The Nightclub Effect
12
Apply the cocktail party effect to monetary issues:
Money concerns come more easily to mind if you are poor can’t tune out
When you are poor it’s harder to stick to a budget as costs come up
Poorer people turn out their goals and end up not accomplishing them
Poorer people need to stray from their goals to achieve
13
Not being able to pay attention to a large volume of information is:
Cognitive Scarcity
Bandwidth Taxation
Attentional Bias
The Tunnel Effect
14
People give stronger weight to payoffs that are closer to the present time when considering trade-offs between 2 options
Hyperbolic Discounting
Myopic Bias
Present Bias
Hindsight Bias
15
A fast approaching deadline can cause a:
Positive impact: deadline concern, more focused
Negative impact; less focused on other problems, obsessive about deadline
16
Economize cognitive resources to successful manage scarcity-break it down into smaller chunks requiring less effort
False
True
