Consumers Experience a Need or Want When a Gap Exists

question 163

True/False

Consumers experience a need or want when a gap exists between an individual's current state and desired state.

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Definitions:

Productivity

An indicator of how effectively a person, machine, factory, system, etc., transforms inputs into valuable outputs.

Price Support Program

Government initiatives designed to maintain the market price of a commodity or product at a certain level by purchasing surplus, offering subsidies, or other means to protect producers' income.

Surplus

A situation in which quantity supplied is greater than quantity demanded at a specific price, typically leading to lower prices.

Wheat Farmers

Individuals or businesses engaged in the cultivation of wheat, a staple grain consumed globally, as their primary agricultural activity.