Social Studies Flashcards
An act of using
goods and
services to
satisfy needs
and wants.
Consumption
consumer gets
immediate
satisfaction
Direct consumption
A good or service is
consumed to
produce other
products
Productive consumption
Purchased good or
service does not
provide any use or
satisfaction to the
consumer
Wasteful consumption
You spent money because you are with your friends or you want to be ‘in’.
Pakikisama
The prevailing
idea/notion that
foreign brands are
better that local
ones.
Colonial mentality
Ilocano loves Ilocano food, Bicolanos have their ‘Bicol
express”, Kapampangan brags about their cooking, In the Philippines, food is a big part of one’s
culture/heritage
Regionalism
Christmas, fiesta, holidays, Filipinos would spent lavishly for these occasions.
Tradition
The goal of consumption
Satisfaction
In economics, satisfaction is called…
Utility
To help measure satisfaction,
economists use () as the unit of
satisfaction.
UTIL
satisfaction gained in
consumption
Total Utility
satisfaction for EVERY
ADDITIONAL consumption
Marginal Utility
