The Concept "Conspicuous Consumption" Refers to

question 71

Multiple Choice

The concept "conspicuous consumption" refers to

• A)buying things that are popular with the most people.
• B)buying more than what you need for the moment.
• C)the practice of buying things to make a statement about one's social position.
• D)acting as if one had a lower social position than is really the case.

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Definitions:

Capital

Financial assets or the financial value of assets, such as cash and goods, used by a business to generate wealth through investment or production.

Natural Resources

Materials or substances that occur in nature and can be used for economic gain, such as minerals, forests, water, and fertile land.

Opportunity Cost

Missing potential improvements from other opportunities when a particular alternative is chosen.

Car Payments

Regular payments made towards the financing of a vehicle purchase, usually on a monthly basis.