ch 10.txt

the idea that consumers� needs and wants determine the shape of all economic activities

goals related to satisfying basic needs and getting pleasure through the use of goods and services

the specific qualities of a good or service that are of interest to the consumer

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

a group to which we compare ourselves

a group to which we belong

a group to which we would like to belong

a line showing the possible combinations of two goods that a consumer can purchase

The purchasing power of income, with prices taken into account

the pleasure of satisfaction from goods, services, or events

a curve showing the relation of utility levels to consumption levels

imaginary units in which utility is measured

the tendency of additional units of consumption to add less to utility than did previous units of consumption

the belief that meaning and satisfaction in life are to be found through the purchase and use of consumer goods

What people simply desire

What people require for a healthy, flourishing life

the lack of the minimal necessities for sustaining life

the feeling of lack that comes from comparing oneself with someone who has more