Consumers Often Have Many Needs That Are Not Readily Obvious

question 97

Essay

Consumers often have many needs that are not readily obvious. Just observing their behavior inside a retail store is not enough to get a true understanding of their "needs." List and briefly describe the five types of needs that most consumers have.

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Definitions:

Frederic Bastiat

A 19th-century French economist and writer known for his advocacy of classical liberalism and his witty criticisms of protectionism.

Trade Protectionism

Government policies designed to restrict international trade to protect domestic industries from foreign competition.

Government Restrictions

Regulations implemented by the government that limit or guide the actions of individuals or companies, often in the interest of public safety or economic stability.

Low-Wage Nation

A country where the general level of wages and salaries is significantly lower than that of more industrialized and economically developed countries.