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Consumer

QuestionAnswer
Consumer Is an individual who makes the decision whether or not to buy goods or services.
Utility Is the amount of benefit or satisfaction 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 (MU) is the addition to (TU) brought about by extra utility received caused by the consumption of one extra good.
Law of diminishing marginal utility state that as more units of a good are consumed, a point will be reached where marginal (extra) utility eventually begin to decline.
Equilibrium Is the condition where there is no tendency to change.
Equi-marginal utility principal explains the behaviour of a consumer in distributing their limited income among various goods and services.
Created by: deborahh
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