ECONOMICS
CONSUMERS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The concept of wealth.
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The concept of success.
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The concept of moderation.
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The time scale of consumer behaviour.
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Detailed explanation-1: -Q. Which is NOT a principle of consumption based on Monzer Kahf? The concept of wealth.
Detailed explanation-2: -All consumers follow the same guiding principles. Guided by the consumer’s own preferences and tastes which is based on his own values and judgments. Every consumer has his own preferences. Moderation, not extravagance, miserliness or wastefulness.
Detailed explanation-3: -In Islam, wasat (moderation) is one of the most basic terms and deliberately used topics. In the sense of shariah, it is a central characteristic of Islamic creed and has been used from the very beginning of Islam. It refers to a justly balanced way of life, avoiding extremes and experiencing things in moderation.
Detailed explanation-4: -In conventional economic system, only self-interest and rationality of the consumer is the main principle to maximize utility whereas moral, religious, national, historical, cultural and social values are absent here.
Detailed explanation-5: -According to Mohammed B. Sadr, three basic principles of Islamic economy are multi-faceted ownership, economic freedom within a certain limit, and social justice (Es-Sadr, 1980: pp. 291-303). These are the three basic components of Islamic economic doctrine, according to which its theoretical content is defined.