As Manufacturing Costs Decrease and the Amount of Products That

question 14

Multiple Choice

As manufacturing costs decrease and the amount of products that people accumulate goes up, consumers increasingly want to buy things that will provide ________ value.

• A) hedonic
• B) Gestalt
• C) embedded
• D) referent

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Definitions:

Globalization

Increased economic, political, and social interconnectedness and interdependence among societies in the world.

Per Capita GNI

A measure of a country's economic output that accounts for its number of people; it divides the gross national income by the population size.

Cash Economy

An economic system where transactions are conducted with the direct exchange of physical currency, as opposed to digital or credit transactions.

Modernization Theory

A theory that suggests societies progress through a series of stages of economic development, from traditional to modern.