Which of the Following Is a Guidepost to Economic Thinking

question 51

Multiple Choice

Which of the following is a guidepost to economic thinking?

• A) The value of a good can be objectively measured.
• B) Individuals should never make a decision without having complete information.
• C) Incentives matter.
• D) Goods are scarce for the poor but not for the rich.

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Definitions:

Scarce Incomes

The condition where available financial resources are insufficient to meet the needs or wants of individuals or communities.

Psychographic Segmentation

A marketing technique involving division of a market into segments based on consumer personality traits, values, attitudes, interests, or lifestyles.

Demographics

Statistical data relating to the population and the different groups within it, such as age, gender, income, and education.

Consumer Behavior

The study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society.