Economic Explanations of Consumer Behavior Take into Consideration

question 13

Multiple Choice

Economic explanations of consumer behavior take into consideration

• A)Ego gratification.
• B)Lack of self-confidence.
• C)Social status.
• D)Prices and income.

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Definitions:

Physiological Needs

Basic requirements for human survival, such as food, water, shelter, and clothing, which are the foundation of Maslow's Hierarchy of Needs.

Security

Measures taken to guard against crime, attack, sabotage, espionage, and other threats to personal or organizational safety and well-being.

Maslow's Need Hierarchy

Maslow's Need Hierarchy is a theory in psychology that categorizes human needs into a five-level pyramid, from basic physiological needs to self-actualization.

Successively Gratify

To provide satisfaction or rewards in a sequential manner, often used as a strategy to maintain motivation and engagement.