TOPIC -. Cost of Living and Consumer behavior - A reflection on household savings

From the topic given above discuss its literature review in an essay format .

Listed below are some ways in which high cost of living affects a common household. Briefly explain the following points in a paragraph form in relation to the above topic

• Decrease in savings
• Decrease in purchasing power
• High cost of living and price of goods
• Decrease in leisure activities
• Difficulty to satisfy basic needs and opportunity cost

Listed below are some of the actions that people resort to when tackling high cost of living. Briefly explain the following points in a paragraph form in relation to the above topic

• Working extra hours
• Buying cheaper goods and less good
• Comparing price of goods and services from different shops
• Involving in various enterprising activities
• Priotizing needs and wants and creating a budget
• Avoid impulsive buying