Question

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

Answer 1

The answer is D: benefit. We do all these things to gain something, whether it is buying medicine to heal ourselves or watching movies to be entertained.