We consume for various reasons. Sometimes we buy in order to reduce suffering (medicine), or to give pleasure (movies), or to feel safer (a lock), to become wiser (education), or to be more comfortable (a chair). What is the one word used by economists that includes all these meanings?

A cost

B price

C demand

D benefit

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Joanna Walsh

13 February, 23:08

We consume for various reasons. Sometimes we buy in order to reduce suffering (medicine), or to give pleasure (movies), or to feel safer (a lock), to become wiser (education), or to be more comfortable (a chair). What is the one word used by economists that includes all these meanings?

A cost

B price

C demand

D benefit

+1

Answers (1)

Know the Answer?

Beckett Lam · Answer 1

The correct answer is C. Demand is how much of a certain product or service will be needed to satisfy the population. It is called supply and demand and can be applied to all of the meanings.