The Want-Satisfying Power of a Good or Service Is Known

question 455

Multiple Choice

The want-satisfying power of a good or service is known as

• A) purchasing power.
• B) utility.
• C) consumer optimum.
• D) principle of substitution.

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Definitions:

Consumer-Driven Health Plan

A type of health insurance plan that allows members to use health savings accounts, health reimbursement arrangements, or similar medical payment products to directly pay routine healthcare expenses.

Medical Savings Account

A tax-exempt account established to pay for medical expenses, often used in conjunction with high-deductible health insurance policies to cover out-of-pocket costs.

High Deductible

A health insurance plan with lower premiums and higher deductibles than a traditional health plan, emphasizing consumer-driven health care.

Group Insurance Plan

A type of insurance policy that covers a defined group of people, typically employees of a company, offering them benefits at a reduced cost.