psychology in the economy Flashcards
(11 cards)
What does “psychology and the economy” mean in AQA A-level Psychology?
It refers to how psychological research and applications can have economic implications, such as saving money, improving productivity, or reducing costs in areas like mental health, education, and crime.
How can psychological research into mental health benefit the economy?
Effective treatments for mental illnesses (e.g., CBT for depression) can reduce time off work, lower NHS costs, and increase workforce productivity, thereby boosting the economy.
Give an example of psychology reducing NHS costs.
CBT, shown to be as effective as medication for depression, is cheaper long-term, with lower relapse rates, reducing the economic burden on the NHS.
How does developmental psychology help the economy?
Early interventions (e.g., parenting programs, Bowlby’s attachment research) can prevent future antisocial behaviour, reducing spending on social services, crime, and education support.
How does forensic psychology impact the economy?
Understanding offender behaviour (e.g., through anger management programs) can reduce reoffending, lowering prison and policing costs.
How can improving educational practices affect the economy?
Research into learning styles, memory, and motivation can improve student outcomes, leading to a more skilled workforce and higher economic productivity.
What is an economic benefit of psychological research into stress?
Reducing workplace stress (e.g., through occupational health interventions) can cut absenteeism and increase work efficiency, benefitting both employers and the economy.
What do examiner reports say about common errors in “psychology and the economy” answers?
Students often:
• Give vague answers (e.g., “It helps the economy”)
• Fail to link research to economic impact
• Don’t include specific examples from the course (e.g., CBT, Bowlby)
• Confuse psychological vs economic outcomes
What’s an example of economic implications from memory research?
Research into misleading eyewitness testimony (e.g., Loftus) helps improve legal accuracy, reducing costly miscarriages of justice and saving court resources.
Why is it important for governments to consider psychology in policy-making?
Policies informed by evidence-based psychology (e.g., for education, health, crime) lead to better outcomes and greater cost-effectiveness in public spending.
How can psychology in the economy be assessed in a 16-marker?
Usually appears as an AO3 evaluation point, where you evaluate research by considering its real-world economic benefits or costs. Link to specific studies and explain how they impact society financially.
