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