Want Refers to

question 63

Multiple Choice

want refers to

• A) a sense of personal inadequacy based upon observations by others around you.
• B) a sense of urgency that causes a person to take action.
• C) a need that is shaped by a person's knowledge, culture, or personality.
• D) a feeling of being deprived of something, but not fully understanding what it may be.
• E) a situation when a person feels deprived of basic necessities such as food, clothing, and shelter.

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Definitions:

Marginal Product

The additional output generated by employing one more unit of a particular input, holding other inputs constant.

Average Product

The amount of output produced on average by each unit of a variable input, such as labor, in the production process.

Marginal Product

is the additional output resulting from a one-unit increase in the quantity of one input while holding other inputs constant, illustrating the concept of diminishing returns.

Last Dollar Spent

The concept of allocating resources until the marginal utility of expenditure on each good or service is equal, maximizing utility.