Asked by Savannah Young Kelsey on May 06, 2024
Verified
Which of the following statements about economic needs is true?
A) Economic needs refer to the buyer's need to purchase the most satisfying product for the money.
B) Economic needs are rarely considered during times of economic recession.
C) Economic needs refer to the buyer's need to behave in an economically rational manner and buy the lowest priced item available.
D) Economic needs are unimportant to most consumers.
E) A product priced higher than the competition's is doomed to failure because it satisfies no economic need.
Economic Needs
The fundamental requirements for goods and services that satisfy basic needs like shelter, food, and clothing, as well as desires for improved quality of life.
Recession
A significant decline in economic activity across the economy, lasting for a period of months or years, typically recognized by a decrease in GDP.
Satisfying Product
A product that meets or exceeds customer expectations, providing them with value and satisfaction.
- Comprehend the economic considerations in consumer purchasing decisions.
Verified Answer
Learning Objectives
- Comprehend the economic considerations in consumer purchasing decisions.
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