Economics assumes that people consume goods and services to achieve ?
Correct answer: C. Utility
- A. Status
- B. Prestige
- C. Utility
- D. Self-esteem
Explanation
Consumers are assumed to use goods and services to obtain utility, meaning satisfaction or wants fulfillment. Status, prestige and self-esteem may be particular sources of satisfaction, but utility is the broad economic concept.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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