Conspicous Consumption was the term used by thorstein veblen to describe fundamental change in people's orientation to the economy.
Who was Thorstein Veblen?
Thorstein Veblen was a famous sociologist and economist who wrote the book The Theory of the Leisure Class. He wrote about the relationship between the economy, culture, and society.
Conspicuous consumption is the act of acquiring things or services specifically with the intention of flaunting one's affluence. When publicly displayed products and services are too expensive for other people in a person's class, conspicuous consumption is a way to demonstrate one's social position. Although it is frequently associated with the wealthy, this type of consumerism can occur in any income class.
The complete question is :
What term did Thorstein Veblen use to describe the fundamental change in people's orientation to the economy from producing goods to using them?
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Answer: the correct answer is a disclosure of $20,000
Explanation:
The annual preferred stock dividend is $15,000 = 3,000 x $100 x 5%. Total dividends in arrears at the end of 20X3 are therefore $20,000 = 2 years x $15,000 - $10,000 paid.
Dividends in arrears are footnoted only. They are not recognized as a liability until they are declared.
A sociologist might say that this is an example of how economic action is <u>embedded in</u> social relationships.
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