The flashcards below were created by user
markdoronio
on FreezingBlue Flashcards.
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� Consumer Sovereignty �
the idea that consumers� needs and wants determine the shape of all economic activities
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� Living Standard (lifestyle) goals �
goals related to satisfying basic needs and getting pleasure through the use of goods and services
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� Attributes (Characteristics) �
the specific qualities of a good or service that are of interest to the consumer
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� 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
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� Reference group �
a group to which we compare ourselves
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� Membership group �
a group to which we belong
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� Aspiration group �
a group to which we would like to belong
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� Budget line �
a line showing the possible combinations of two goods that a consumer can purchase
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� Real Income �
The purchasing power of income, with prices taken into account
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� Utility �
the pleasure of satisfaction from goods, services, or events
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� Utility function (total utility curve) �
a curve showing the relation of utility levels to consumption levels
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� Utils �
imaginary units in which utility is measured
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� Diminishing marginal utility �
the tendency of additional units of consumption to add less to utility than did previous units of consumption
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� Consumerist Values �
the belief that meaning and satisfaction in life are to be found through the purchase and use of consumer goods
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� Wants �
What people simply desire
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� Needs �
What people require for a healthy, flourishing life
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� Absolute deprivation �
the lack of the minimal necessities for sustaining life
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�Relative deprivation �
the feeling of lack that comes from comparing oneself with someone who has more
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