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the consumer

chapter 4

TermDefinition
consumer a person who purchases goods and services.
economic goods a good that gives utility,is scarce relative to the demand for it and is transferable.
income the flow of wealth received by an individual over a period of time.
law of diminishing marginal utility as extra units of a good are consumed,the utility or satisfaction gained from each extra unit of that good falls.
law of equi-marginal returns to enjoy maximum utility,a consumer must spend his/her income so that the ratio of marginal utility to price is the same for all the goods he/she buys.
marginal utility the extra satisfaction a person enjoys from consuming one extra unit of a good.
transfer payments payments made to individuals for which no factor of production is supplied in return.
wealth the total stock of assets whic a person owns at a time.
welfare the overall well-being of an individual.
utility the use or satisfaction a consumer gets from goods and services.
Created by: jmartineconomics
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