A Want Is

question 37

Multiple Choice

A want is:

• A) determined by its strength.
• B) instinctive or inborn.
• C) an ideal comparison point for the consumer's actual purchase decisions.
• D) the particular way in which a need is satisfied, usually determined by a person's culture and experiences.

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Definitions:

Regulatory Capture

A theory that describes the situation where a regulatory agency, created to act in the public's interest, eventually acts in favor of the commercial or special interests that dominate the industry it is charged with regulating.

Negative Externalities

Costs suffered by a third party due to an economic transaction that they were not a part of, often leading to market failure.

Human Safety

The condition of being protected from or unlikely to cause danger, risk, or injury to individuals.

Regulatory Capture

A theory that regulatory agencies may come to be dominated by the interests they're supposed to regulate, rather than serve the public interest.