Examlex
Describe the four general bases that are used to segment consumer markets.
Utility Maximizing
A concept in economics that refers to the idea that individuals choose to allocate their resources in a way that maximizes their utility or satisfaction.
Wage Increase
An upsurge in the rate of pay employees receive for their labor, typically expressed as a percentage increase over current wages.
Substitution Effect
The change in consumption patterns due to a price change, leading consumers to substitute one product for another.
Wage Decrease
A reduction in the hourly, daily, or monthly compensation that workers receive for their labor.
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