Social7 (2nd Grading)

A high regard of oneself.

Freedom to choose.

Capability to address a basic needs.

Highest level in Maslow’s hierarchy.

This are the necessary for safety and security, protect people from harm.

This is the overall benefit gained from consuming a good or service.

This is the additional utility gained from consuming an additional unit of the good or service.

This is also known as final consumption.

This is use of good or service to produce a final good that directly address a want.

A British economist that wrote the size of current income as the key factor that determines the consumption of households.