FSU MAR3503 Exam 1 Review | Market, Gift,
and Access Economies & Maslow’s Pyramid
Verified Questions Provided with A+ Graded
Rationales Latest Updated 2026
Consumption
Process by which people use and transform goods, services, symbols, and ideas into some sort
of individual or collective value
Value
A sense of benefit from a particular experience. The difference between perceived benefits and
costs (benefits - costs)
Economic Systems
The forms of exchange by which value is offered to consumers
What are the 3 forms of Economic Systems?
1) Market Economy
2) Gift Economy
3) Access Economy
Market Economy
Consumers purchase products and services
Market Economy Main forms of Exchange
- typical payment: Money
- Ownership: Transferred (purchased clothes)
- Return for Payment: predefined
- Social Ties: Mostly weak (may know sales reps name)
Gift Economy
consumers exchange products and services
Gift Economy Main forms of Exchange
typical payment: objects, info, favors
- Ownership: Transferred (gifted jewelry)
, - Return for Payment: Vague (various forms often without timeline)
- Social Ties: Usually Strong (friends, romantic partners)
Access Economy
Consumers temporarily access products and services
Access Economy Main forms of Exchange
typical payment: money, info
- Ownership: temporary
- Return for Payment: predefined
- Social Ties: mostly indifferent
Maslow's Pyramid
a framework for mapping the various forms of value that people derive from consuming in the
market, gift, and access economies
Maslow's Pyramid Tiers
1. Self Actualization
2. Prestige
3. Belongingness
4. Safety
5. Physiological
Value emerges from the ______________ between organizations’ marketing efforts, forms of
exchange, and consumer behavior
interaction
What are the Main Phases of the History of Modern Consumption
- 1890s-1920s: The Progressive Era
- 1940s-1950s: Keeping Up with the Joneses
- 1960s-1970s: Cultural Rupture
- 1980s-1990s: Greed is Good
- Today: Contemporary Consumer Culture
1890-1920s: The Progressive Era
- formation of large markets & marketing
- urbanization
- mass distribution through railroads
- economic growth and social mobility
and Access Economies & Maslow’s Pyramid
Verified Questions Provided with A+ Graded
Rationales Latest Updated 2026
Consumption
Process by which people use and transform goods, services, symbols, and ideas into some sort
of individual or collective value
Value
A sense of benefit from a particular experience. The difference between perceived benefits and
costs (benefits - costs)
Economic Systems
The forms of exchange by which value is offered to consumers
What are the 3 forms of Economic Systems?
1) Market Economy
2) Gift Economy
3) Access Economy
Market Economy
Consumers purchase products and services
Market Economy Main forms of Exchange
- typical payment: Money
- Ownership: Transferred (purchased clothes)
- Return for Payment: predefined
- Social Ties: Mostly weak (may know sales reps name)
Gift Economy
consumers exchange products and services
Gift Economy Main forms of Exchange
typical payment: objects, info, favors
- Ownership: Transferred (gifted jewelry)
, - Return for Payment: Vague (various forms often without timeline)
- Social Ties: Usually Strong (friends, romantic partners)
Access Economy
Consumers temporarily access products and services
Access Economy Main forms of Exchange
typical payment: money, info
- Ownership: temporary
- Return for Payment: predefined
- Social Ties: mostly indifferent
Maslow's Pyramid
a framework for mapping the various forms of value that people derive from consuming in the
market, gift, and access economies
Maslow's Pyramid Tiers
1. Self Actualization
2. Prestige
3. Belongingness
4. Safety
5. Physiological
Value emerges from the ______________ between organizations’ marketing efforts, forms of
exchange, and consumer behavior
interaction
What are the Main Phases of the History of Modern Consumption
- 1890s-1920s: The Progressive Era
- 1940s-1950s: Keeping Up with the Joneses
- 1960s-1970s: Cultural Rupture
- 1980s-1990s: Greed is Good
- Today: Contemporary Consumer Culture
1890-1920s: The Progressive Era
- formation of large markets & marketing
- urbanization
- mass distribution through railroads
- economic growth and social mobility
