When Frank Buys His Own House, He Would Like to Have

question 48

Multiple Choice

When Frank buys his own house, he would like to have a home theater system and a jacuzzi. He plans to save enough money in the next three years so that he can fulfill his wish. Frank's desire for the home theater and the jacuzzi is an example of a(n) ________.

• A) need
• B) want
• C) demand
• D) unstated need
• E) latent demand

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Definitions:

Intellectuals

Intellectuals are individuals engaged in critical thinking and analysis, often concerned with matters of culture, politics, or academia.

Middle-Class Culture

The set of values, attitudes, and practices associated with the middle class, a socioeconomic group between the working class and the wealthy, often characterized by a focus on education, employment stability, and family.

American Economy

Refers to the overall economic system of the United States, characterized by a mixed economy with private and public enterprise, and is one of the world's largest and most influential economies.