Carla Mendoza
Business 1050
9/17/15
Assignment 6
The Dependence Effect” by John K. Galbraith
Vocabulary
1. Aggregate- a sum total or whole made up of different parts
2. Contrived- unrealistic and unconvincing, not genuine
3. Deprivation- the state of being denied something, especially of food or shelter
4. Expenditure- amount of money spent
5. Marginal- very small in scale
6. Pari passu- an equal rate
7. Pedagogy- the science or profession of teaching
8. Repugnant- disgusting, dirty
9. Sacrosanct- very holy and sacred
10. Terrain- land
Standard six questions
1. The Dependence Effect was written by John K. Galbraith. John Kenneth was a Canadian and later an American economist. He was a public official a diplomat; he was also a leading proponent of 20th-century American liberalism. He wrote four dozen books, including …show more content…
The difference between wants and needs is simple, needs are things that are essential for survival, wants are things that are not necessary to survival but things people desire.
2. Between needs and desires the one that is more profitable for businesses are the wants because the price for these is made up out of how much the business wants to get out of them.
3. A drug addict wants a drug and satisfying this want creates more want for the drug because it makes them feel good. The same can be said for high fashion clothing, when someone buys designer clothing and the new season arrives they want the newer items and they keep going on that way thus wants create new wants.
4. If the national economy focuses solely on want production it faces the potential problem of recession, an example of this was the Tulipomania that took hold for the Dutch, they focused so much on the trading of tulips that they neglected all other industries and when a new want came into place the other completely collapsed.
5. The squirrel wheel metaphor that is used in the article resembles the production of the wants it is a cycle of wants creating more
Business 1050
9/17/15
Assignment 6
The Dependence Effect” by John K. Galbraith
Vocabulary
1. Aggregate- a sum total or whole made up of different parts
2. Contrived- unrealistic and unconvincing, not genuine
3. Deprivation- the state of being denied something, especially of food or shelter
4. Expenditure- amount of money spent
5. Marginal- very small in scale
6. Pari passu- an equal rate
7. Pedagogy- the science or profession of teaching
8. Repugnant- disgusting, dirty
9. Sacrosanct- very holy and sacred
10. Terrain- land
Standard six questions
1. The Dependence Effect was written by John K. Galbraith. John Kenneth was a Canadian and later an American economist. He was a public official a diplomat; he was also a leading proponent of 20th-century American liberalism. He wrote four dozen books, including …show more content…
The difference between wants and needs is simple, needs are things that are essential for survival, wants are things that are not necessary to survival but things people desire.
2. Between needs and desires the one that is more profitable for businesses are the wants because the price for these is made up out of how much the business wants to get out of them.
3. A drug addict wants a drug and satisfying this want creates more want for the drug because it makes them feel good. The same can be said for high fashion clothing, when someone buys designer clothing and the new season arrives they want the newer items and they keep going on that way thus wants create new wants.
4. If the national economy focuses solely on want production it faces the potential problem of recession, an example of this was the Tulipomania that took hold for the Dutch, they focused so much on the trading of tulips that they neglected all other industries and when a new want came into place the other completely collapsed.
5. The squirrel wheel metaphor that is used in the article resembles the production of the wants it is a cycle of wants creating more