An Item Has Utility for a Consumer If It

question 59

Multiple Choice

An item has utility for a consumer if it

• A)is scarce.
• B)has a high price.
• C)is something everyone else wants.
• D)generates enjoyment or satisfaction.

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Definitions:

Globalization

The process by which businesses or other organizations develop international influence or start operating on an international scale.

Labor Markets

Economic sectors that deal with the demand and supply of labor, determining employment levels and wage rates.

Legal Institutions

are established organizations within a society that develop, enforce, and interpret laws governing the behavior of individuals and groups.

Self-Directed Teams

Groups of employees who manage their own work and procedures without direct supervision.