Question

Which concept did Thorsten Veblen come up with which refers to the outward display of consumption that demonstrates wealth and power through the wasting of resources and the symbols of upper-class membership

Answer 1

The correct answer to the following question will be "Conspicuous consumption".

Step-by-step explanation:

• Conspicuous or Apparent consumption is buying services again for a particular purpose of showing an individual's wealth as well as denotes exposure to a broad variety of luxury goods or essentials.
• This appears to be a matter of displaying oneself social standing, particularly whenever the prominently visible goods are also too costly to several other representatives of such a category of an individual.

So that the above is the right answer.