A Need Refers to a

question 237

Multiple Choice

A need refers to a

• A) sense of personal inadequacy based upon observations by others around you.
• B) sense of urgency, which causes a person to take action.
• C) feeling that is shaped by a person's knowledge, culture, or personality.
• D) feeling of vague lacking, but not fully understanding what may be required.
• E) feeling of deprivation of basic necessities such as food, clothing, and shelter.

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Definitions:

Quantity Demanded

The total amount of a good or service consumers are willing and able to purchase at a given price level.

Increase in Price

A situation where the cost of goods or services rises, potentially due to factors like higher demand, production costs, or inflation.

Supply and Demand

Supply and demand is an economic model that explains the interaction between the availability of a resource and the desire for that resource, affecting its price.

Bid-ask Spread

The difference between the highest price a buyer is willing to pay for an asset and the lowest price a seller is willing to accept.