An emphasis on showing off wealth by the "elaborate consumption of goods" is referred to as conspicuous consumption.

Name: An emphasis on showing off wealth by the "elaborate consumption of goods" is referred to as conspicuous consumption.
Brand: Quizplus
Rating: 4.8 (55 reviews)

Question

Quizplus · Accepted Answer

Conspicuous consumption is a term introduced by sociologist Thorstein Veblen in his book "The Theory of the Leisure Class" to describe the practice of spending money on luxury goods and services to publicly display economic power.

An Emphasis on Showing Off Wealth by the "Elaborate Consumption