The consumer
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| What is a consumer | A consumer is someone who makes the decision to buy a good or a service
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| What is utility | The amount of benefit or satisfaction you get from a good
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| What is an economic good | An economic good is a product/service which demands a price, supply's utility and is transferable
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| 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
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| What is the equi-marginal principal | It explains the behavior of a consumer in distributing their limited income among various goods and services
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Created by:
rosscallaghan
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