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Chapter 7 Key Terms

ECO 251

TermDefinition
total utility the total satisfaction received from the consumption of a good in a time period
marginal utility the additional satisfaction received from the consumption of one more unit of a good
law of diminishing marginal utility the principle that when additional units of a good are consumed in a time period eventually the marginal utility decreases
utility maximizing rule to receive maximum satisfaction in a time period, a consumer should spend such that the last dollar spent on each product yields that same marginal utility
principle of rational behavior when deciding between two goods, a consumer should always choose the good that yields the greatest marginal utility for the dollar
Created by: SavanahT
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