A Basic Underlying Point in Economics Is That

question 12

Multiple Choice

A basic underlying point in economics is that

• A)people have unlimited wants in the face of limited resources.
• B)people have limited wants in the face of limited resources.
• C)governments should satisfy the needs of the people.
• D)there are unlimited resources.
• E)governments should never interfere in the workings of a market economy.

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Definitions:

Perceived Value

The value a consumer believes a product or service has, based not only on its actual utility but also on intangible factors.

Brand-name

Refers to the trademarked name that identifies and differentiates a product or service as being produced or offered by a specific company.

Store Brand

Products that are manufactured or provided by one company for offer under another company's brand, typically sold at lower prices in comparison to national brands.

Brand Manufacturer

A company that produces goods under its own name, as opposed to manufacturing products for other companies or brands.