Goods and Values Quiz

Utility represents the satisfaction or benefit that consumers derive from consuming a good or service.

Safety needs, the second level in Maslow's Hierarchy, encompass the desire for security, stability, and protection from physical and emotional harm.

Utility refers to the satisfaction or value that individuals derive from consuming goods and services, based on their ability to fulfill wants and needs.

The Humanistic Theory of motivation, proposed by Abraham Maslow, suggests that people are driven by a hierarchy of needs, starting with physiological needs at the base and progressing to higher-level needs such as self-actualization at the top.

Opportunity Cost is the value of the next best alternative foregone when a decision is made, representing the cost of choosing one option over another.

GDP measures the economic performance of a country by calculating the total value of all goods and services produced within its borders over a specific time period.

Asymmetric Information refers to a situation where one party in a transaction has more knowledge or information than the other, leading to unfair advantages or disadvantages.

The Marketing Mix refers to the combination of product, price, place, and promotion strategies used by a company to influence consumer behavior and achieve its marketing objectives.

Kantianism, based on the philosophy of Immanuel Kant, emphasizes the intrinsic value of individuals and asserts that people should be treated as ends in themselves, not merely as tools or means to achieve other ends.

A Trade Surplus occurs when a country's exports exceed its imports, leading to a positive balance of trade and potentially an increase in its foreign exchange reserves.

John Locke's labor theory of value posits that the value of a good or service is determined by the amount of labor required for its production.

Utilitarianism states that the ethical value of an action is based on its ability to maximize happiness or pleasure and minimize suffering for the greatest number of people.

Demand-Pull Inflation occurs when the demand for goods and services exceeds their supply, causing prices to rise.

Capitalism is an economic system where private individuals or businesses own the means of production, and market forces determine prices, production, and distribution of goods and services, with minimal government intervention.

Ethical Avoidance involves refraining from actions or decisions that may be technically legal but could be perceived as unethical or morally dubious, in order to maintain a company's ethical reputation and integrity.

Deontology is an ethical approach that emphasizes the inherent rightness or wrongness of actions based on their adherence to moral principles or duties, regardless of the outcomes or consequences.

Production refers to the process of transforming raw materials or inputs into finished goods or products ready for consumption or sale in the market.