FHCE 3100 Test 4 Questions With Complete Solutions
CHAPTER 1 Economics correct answer: -the study or science of production, distribution and consumption. (Goldsmith) -the study of how society manages its scares resources (Miller) Utility correct answer: Satisfaction, or well-being Adam Smith correct answer: -Father of Modern Economics. -Wrote "An Inquiry into the Nature and Causes of the Wealth of Nations" in 1776. Which stated that "consumers act in own SELF-INTEREST and markets work with the INVISIBLE HAND." Consumerism correct answer: The belief that goods give meaning to individuals and their roles in society. Adam Smith Maslow's Hierarchy of Needs correct answer: -Physical (Largest) -Safety -Relational -Esteem -Self-Actualization Consumption Process correct answer: 1. Awareness- "stimulus" what are needs & wants 2. Thinking- gather info. Weighing pros & cons 3. Planning- shopping around 4. Implementing- Actually purchasing 5. Evaluating- Would you re-purchase?
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- FHCE 3100
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- FHCE 3100
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- 17. juni 2023
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fhce 3100 test 4 questions with complete solutions
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