Economists Make Assumptions to

question 260

Multiple Choice

Economists make assumptions to

• A)minimize the number of experiments that yield no useful data.
• B)develop models when the scientific method cannot be used.
• C)provide issues for political discussion.
• D)simplify the complex world and make it easier to understand.

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Definitions:

Consumption Strategy Model

A framework for understanding how consumers plan and select among products and services to satisfy their needs.

Consumer Purchase Decision Process

The sequence of steps consumers go through, from recognizing a need, gathering information, evaluating options, to making a purchase decision and post-purchase evaluation.

Maslow Hierarchy

A theory in psychology proposed by Abraham Maslow in his 1943 paper "A Theory of Human Motivation", which describes a five-tier model of human needs, arranged in a hierarchy.

Social Needs

Basic human motivations included in Maslow's hierarchy, referring to the need for belongingness, love, and interpersonal relationships.