For Most Goods, Purchases Tend to Rise with Increases in Buyers

question 161

Multiple Choice

For most goods, purchases tend to rise with increases in buyers' incomes and to fall with decreases in buyers' incomes.Such goods are known as:

• A) inferior goods.
• B) direct goods.
• C) normal goods.
• D) luxury goods.

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Definitions:

Communism

A political and economic ideology advocating for a classless society in which the means of production are owned and controlled by the community as a whole.

Consumerism

A social and economic order that encourages the purchase of goods and services in ever-greater amounts.

Cultural Diffusion

The spread of cultural beliefs and social activities from one group to another, blending and integrating different cultural practices.

Production

Is the human capacity to make and use the tools and technology that improve our ability to take what we want from nature.