MICROECON Reviewer - Module 3

One who demands goods and services

Our power to determine what is produced since we are the

ultimate purchasers of goods and services

Refers to anything that provide satisfaction to the needs, wants,

and desires of the consumer (like cars, books, clothes, etc.)

Are any intangible economic activities

(such as hairdressing, catering, insurance, banking, telecommunications, etc.)

Are goods that satisfy the basic needs of man

that are necessary in the daily existence of humans

Are those which means may do without, but which are used to contribute to his comfort

well being (e.g. private jet, yacht, luxury cars, perfumes, jewelry, etc.)

Is that which is both useful and scarce. Water from a faucet,

because we are not utilizing it for free, we have to pay to its distributor

The air that we breathe and the sunlight coming from the sun are examples of

Are the choices made by us consumers as to which products or services to consume

Identifies the basic priorities of every consumer in the form of a hierarchy,

ascending from the lowest to the highest