Matching: Please Match the Term, Thinker, And/or Text with Its

question 5

Multiple Choice

Matching: Please match the term, thinker, and/or text with its complement or correspondent , by placing the appropriate identification letter/number in the space provided. (You may use answers more than once.)
-____ Thorstein Veblen

• A) Hierarchy of Needs
• B) Leisure class
• C) Conspicuous consumption
• D) Vicarious consumption
• E) Positional goods
• F) Treadmill of consumption
• G) Marshal Sahlins
• H) Thorstein Veblen
• I) Mahatma Gandhi
• J) Hau

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Definitions:

Optimal Choice

The most efficient and effective decision or selection made from among various alternatives, based on the criteria of maximizing utility or benefit.

Budget Constraint

The restriction on the assortment of goods and services a consumer is able to purchase, determined by their income and the costs of those items.

Interest Rate on Savings

The percentage yield paid by financial institutions to deposit account holders on the balances in their savings accounts.

Substitution Effect

The change in consumption patterns due to a change in the relative prices of goods, leading consumers to substitute one product for another.