Capitalism encourages people to increse productivity: more time + more work = more money. In other words, “more is better”. Why is more money better? People are driven to make more money because we think that money gives us more freedom and more freedom means the choices. However, when we observe how people actually behave, there is a big difference when it comes to making choices. What people say what they want versus how people act in real life appear to be two very different thing. This is called the “Paradox of Choice”. Please view the following videos, photos and reply to the questions.
Discussion Questions
1. Based on the research, what percent of people were initially attracted when they were given 24 choices of jelly? What percent actually bought it?
2. Based on the research, what percent of people were initially attracted when they were given 6 choices of jelly? What percent actually bought it?
3. Based on this research, why did the store with less choices get higher sales volume?