What term is used to describe the satisfaction gained from consuming goods and services purchased with one's income?

The term "psychic income" refers to the non-tangible benefits or satisfaction that individuals experience from purchasing and consuming goods and services. This concept goes beyond just the monetary value of the products and encompasses the emotional and psychological rewards derived from consumption. For example, a person may derive happiness from buying a new car, not solely because of the car's practical use, but also due to the feelings of status, pride, or pleasure associated with owning it.

Psychic income emphasizes the importance of individual perceptions and emotional responses in economic behavior, illustrating how consumer choices are influenced by factors like satisfaction, enjoyment, and personal fulfillment, rather than just economic utility. This understanding is crucial in the field of Family and Consumer Sciences, as it links economic decisions with personal well-being and quality of life.