Dynamics Of Consumption

Question 1

Needs:

Answer 1

Basic requirements for human survival

Question 2

Wants:

Answer 2

Specific things we wish to have

Question 3

Maslow’s hierarchy of needs:

Answer 3

Self actualization
(Desire to become the most that one can be)

Esteem
(Respect, self-esteem, status, recognition, strength, freedom)

Love and belonging
(Friendship, intimacy, family, sense of connection)

Safety needs
(Personal security, employment, resources, health, property)

Physiological needs
(Air, water, food, shelter, clothing, reproduction)

Question 4

Factors affecting wants:

Answer 4

1. Income
2. Population
3. Advertisements
4. Physical location
5. Urbanization

Question 5

Meaning of consumption:

Answer 5

The use of goods and services by households

Question 6

What is consumption?

Answer 6

The act of using resources to satisfy current needs and wants

Question 7

Basic right to Filipino consumer

Answer 7

-Right to basic needs
-right to safety
-right to information
-right to choose
-right to representation
- right to redress
-right to education
-right to a healthy environment

Question 8

3 Goals of United Nations

Answer 8

1. Social progress
2. Economic efficiency
3. Environmental sustainability

Question 9

Responsibilities of the Filipino consumer

Answer 9

-critical awareness
-actions
-social concern
-environmental awareness
-solidarity

Question 10

Economic Systems:

Answer 10

Capitalism- provide ownership
Communism- public/ state owned