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The Consumer

TermDefinition
Consumer is an individual who makes the decision whether to buy goods or services.
Utility is the amount of satisfaction or benefit derived from the consumption of a good or service.
Economic Good is a product or service which commands a price, derives utility and is transferable.
Marginal Utility is the addition to total utility brought about by the extra utility received caused by the consumption of one extra unit of a good. It is the extra satisfaction a consumer gets from consuming an extra unit of the good.
The Law of Diminishing Marginal Utility states that as more units of a good are consumed, a point will be reached where marginal utility eventually begins to decline.
Equilibrium is the condition where there is no tendency to change.
Equi-Marginal Principle/Law of Equi-Marginal Returns explains the behaviour of a consumer in distributing their limited income among various goods and services. Consumers allocate their income in such a way that the last cent spent on each good will bring the same marginal utility.
Created by: cmcgrath
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