Culture Is a System of Knowledge,beliefs,patterns of Behavior,artifacts,and

question 33

Multiple Choice

Culture is a system of knowledge,beliefs,patterns of behavior,artifacts,and

• A) institutions.
• B) ideas.
• C) languages.
• D) religions.

---

Definitions:

Diamond-water Paradox

The contradiction observed in value theory where essential goods like water have low prices, while non-essential goods like diamonds have high prices.

Essential Goods

Products that are necessary for basic living and well-being, often unchanged by changes in income.

Nonessential Goods

Products and services considered as non-critical for survival or basic living standards.

Substitution Effect

The change in consumption patterns due to a change in the relative prices of goods, leading consumers to replace more expensive items with cheaper ones.