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The consumer

QuestionAnswer
What is a consumer A consumer is someone who makes the decision to buy a good or a service
What is utility The amount of benefit or satisfaction you get from a good
What is an economic good An economic good is a product/service which demands a price, supply's utility and is transferable
The law of diminishing marginal utility The law of diminishing marginal utility is that for example, if you have 1 cup of tea and it's lovely, you go on to have a 2nd or 3rd cup but, it just isn't as nice as the first cup
What is the equi-marginal principal It explains the behavior of a consumer in distributing their limited income among various goods and services
Created by: rosscallaghan
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