The Economic Model of Consumer Behavior Predicts That

question 260

Multiple Choice

The economic model of consumer behavior predicts that

• A)consumers will try to earn as much income as they can over their lifetimes.
• B)consumers will choose to buy the combination of goods and services that make them as well off as possible from those combinations that their budgets allow them to buy.
• C)consumers will try to accumulate as many goods and services as they can before they die.
• D)consumers divide their time between consumption and leisure activities in order to maximize social welfare.

Identify the characteristics and significance of microbusinesses.

Recognize the impact of workplace diversity on business operations.

Compare the adaptability and market response times of small and large businesses.

Grasp the role of small businesses in various industries.

---

Definitions:

Humanistic Psychologists

Psychologists who focus on individual potential and stress the importance of growth and self-actualization.

Carl Rogers

An influential American psychologist who founded the person-centered approach to therapy, emphasizing the importance of the individual's subjective experience and the innate drive towards self-actualization.

Abraham Maslow

An American psychologist best known for creating Maslow's hierarchy of needs, a theory in psychology that ranks human needs in the order of their importance for personal development.

Functional Autonomy

A principle in psychology where behaviors and habits, initially formed in response to a particular need, persist even after the original motive has ceased.