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Economics

The Consumer

TermDefinition
Consumer Is an individual who makes the decision on whether 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, is transferable and derives utility.
Characteristics Of An Economic Good Price- must command a price Utility- must provide the consumer with some sort of satisfaction Transferable- Ownership/Benefit must be capable of beinjg given from one person to another.
Marginal Utility (MU) Is the addition to total utility (TU) brought about by the extra utility received caused by consumption of one extra unit of good
Law Of Diminishing Marginal Utility States that as more units of a good are consumed, a point will be reached where marginal (extra) utility eventually begins to decline
Equilibrium Is the condition where there is no tendency to change
Equi-Marginal Utility Principle Explains the behaviour of a consumer in distributing their limited income among various goods and services
Created by: AdamH.Kerslake
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