What does the underlined words mean?
Hi teachers
The following is from a book a study and a couple of questions.
" Framing matters in many domains. When credit cards started to become popular forms of payment in the 1970s, some retail merchants wanted to charge different prices to their cash and credit card customers. To prevent this, credit card companies adopted rules that forbade their retailers from charging different prices to cash and credit customers. However, when a bill was introduced in Congress to outlaw such rules, the credit card lobby turned its attention to language. Its preference was that if a company charged different prices to cash and credit customers, the credit price should be considered the “normal” (default) price and the cash price a discount?rather than the alternative of making the cash price the usual price and charging a surcharge to credit card customers. The credit card companies had a good intuitive understanding of what psychologists would come to call “framing.” The idea is that choices depend, in part, on the way in which problems are stated."
What is "the credit card lobby" ? is it a special group or a company, which has nothing to do with credit card company? Or does it mean credit card company?
As always, many thanks teachers !
Top answer
Michelle Cha What is "the credit card lobby" ? In the US, bribery of legislators has become institutionalized in bodies called lobbies. They are funded by "special interest groups", often collections of businesses in the same arena, such as credit card companies or ISPs.
- Michelle Cha What is "the credit card lobby" ?
- In the US, bribery of legislators has become institutionalized in bodies called lobbies.
- They are funded by "special interest groups", often collections of businesses in the same arena, such as credit card companies or ISPs.
- Their job is to get members of the legislative branch to make or repeal laws that will benefit or harm their employers, partly through the veiled threat of withholding campaign contributions or the open promise to supply them.
- They also use PACs as attack dogs and manipulate the legal system.
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Michelle ChaWhat is "the credit card lobby" ?
In the US, bribery of legislators has become institutionalized in bodies called lobbies. They are funded by "special interest groups", often collections of businesses in the same arena, such as credit card companies or ISPs. Their job is to get members of the legislative branch to make or repeal laws that will b
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