Dinesh would likely focus on teaching his son about economic utility. This concept refers to the satisfaction or value that a consumer receives from the consumption of goods and services, and it encompasses the idea of perceived value in the context of purchasing decisions. Understanding economic utility will help his son grasp how to tailor products and services to meet customer needs and enhance their perceived value.
As a business owner who sells products to customers and a consumer who purchases products from other sellers, Dinesh has a deep understanding about the perceived value received when purchasing a good or service. He decides to teach his son, who will eventually take over the business, about this concept. What does Dinesh tell his son that he will be teaching him about?
(1 point)
Responses
Economic utility
Economic utility
Voluntary exchange
Voluntary exchange
Factors of production
Factors of production
Opportunity costs
1 answer
1 answer