Thorstein Veblen coined the term _________________, which refers to the fact that the wealthy enjoy showing off their wealth, such as driving around their neighborhood in luxury automobiles.

Question

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Thorstein Veblen coined the term "conspicuous consumption" to describe the behavior of the wealthy who enjoy showing off their wealth through extravagant spending and visible displays of luxury. It refers to the idea that people purchase goods not only for their functionality but also for the social status they confer.

Thorstein Veblen Coined the Term _________________, Which Refers to the Fact