According to Economists, the Satisfaction People Get from Their Consumption

question 61

Multiple Choice

According to economists, the satisfaction people get from their consumption activities is called:

• A)demand.
• B)utility.
• C)a need.
• D)a want.

---

Definitions:

Decrease In Income

A reduction in the amount of money received, often impacting an individual's or household's ability to purchase goods and services.

Budget Line

A graphical representation of all possible combinations of two goods that an individual can afford given their income and the prices of the goods.

Initially Consumed

Refers to the first set of goods or services that are used or consumed by an individual or entity.

Consumer's Budget Line

A graphical representation that shows all possible combinations of two goods that a consumer can purchase with a fixed budget.