Economics
Help!
|
|
||||
|---|---|---|---|---|---|
| CONSUMER | An individual who makes the decision whether to buy goods or services
🗑
|
||||
| UTILITY | The amount of benefit or satisfaction derived from the consumption of a good or service
🗑
|
||||
| ECONOMIC GOOD | A product or service which commands a price, derives utility and is transferable
🗑
|
||||
| CHARACTERISTIC OF ECONOMIC GOODS | Price, Utility and Transferable
🗑
|
||||
| PRICE | it must command a price
🗑
|
||||
| UTILITY | The good must provide the consumer with some feeling of satisfaction
🗑
|
||||
| TRANSFERABLE | Ownership or benefit must be capable of being given from one person to another
🗑
|
||||
| MARGINAL UTILITY | The extra satisfaction a consumer gets from consuming an extra unit of the good
🗑
|
||||
| THE LAW OF DIMINISHING MARGINAL UTILITY | As more units of the good are consumed, a point will be reached where marginal utility eventually begins to decline
🗑
|
||||
| EQUILIBRIUM | The condition where there is no tendency to change
🗑
|
||||
| EQUI-MARGINAL UTILITY PRINCIPLE | Explains the behaviour of a consumer in distributing their limited income along various goods and services
🗑
|
||||
| ******FORMULA****** | MUx / Px = MUy / Py.............MUn / Pn
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
jennifer.s
Popular Economics sets