Economists Use the Word Utility to Describe the Satisfaction One

question 87

True/False

Economists use the word utility to describe the satisfaction one receives from a good.

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Definitions:

Voluntary Adherence

The act of willingly following or committing to a policy, rule, or guideline.

Reference Group

Kelley’s term for a group that is psychologically significant for our behaviour and attitudes.

Private Change

A modification in a person's thoughts, feelings, or behaviors that occurs internally and is not immediately observable to others.

Social Influence

Process whereby attitudes and behaviour are influenced by the real or implied presence of other people.