ch 10.txt

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Author:
markdoronio
ID:
91413
Filename:
ch 10.txt
Updated:
2011-06-20 22:45:53
Tags:
micro economics
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Description:
consumption and the consumer society
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  1. � Consumer Sovereignty �
    the idea that consumers� needs and wants determine the shape of all economic activities
  2. � Living Standard (lifestyle) goals �
    goals related to satisfying basic needs and getting pleasure through the use of goods and services
  3. � Attributes (Characteristics) �
    the specific qualities of a good or service that are of interest to the consumer
  4. � Reference Point �
    a situation to which we have adapted. We have a tendency to notice changes in satisfaction relative to this point, rather than our absolute level of satisfaction
  5. � Reference group �
    a group to which we compare ourselves
  6. � Membership group �
    a group to which we belong
  7. � Aspiration group �
    a group to which we would like to belong
  8. � Budget line �
    a line showing the possible combinations of two goods that a consumer can purchase
  9. � Real Income �
    The purchasing power of income, with prices taken into account
  10. � Utility �
    the pleasure of satisfaction from goods, services, or events
  11. � Utility function (total utility curve) �
    a curve showing the relation of utility levels to consumption levels
  12. � Utils �
    imaginary units in which utility is measured
  13. � Diminishing marginal utility �
    the tendency of additional units of consumption to add less to utility than did previous units of consumption
  14. � Consumerist Values �
    the belief that meaning and satisfaction in life are to be found through the purchase and use of consumer goods
  15. � Wants �
    What people simply desire
  16. � Needs �
    What people require for a healthy, flourishing life
  17. � Absolute deprivation �
    the lack of the minimal necessities for sustaining life
  18. �Relative deprivation �
    the feeling of lack that comes from comparing oneself with someone who has more

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