Lernkarten

Karten 16 Karten
Lernende 1 Lernende
Sprache English
Stufe Universität
Erstellt / Aktualisiert 18.12.2016 / 26.12.2016
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16 Exakte Antworten 0 Text Antworten 0 Multiple Choice Antworten
Fenster schliessen
Utility
Measures the want-satisfying power of a good or a service.
Fenster schliessen
Marginal utility
Measures the.increase in total utility when an additional unit of a good is consumed.
Fenster schliessen
Utilitarianism
the greatest happiness of the greatest number.
Fenster schliessen
Law of diminishing marginal utility
states that as the amount of a good consumed increases, the marginal utility of that good tends to diminish.
Fenster schliessen
MU1 / P1 = MU2 / P2 =…= MU per $ spent
Describes the market basket of goods that will bring the consume maximum satisfaction.
Fenster schliessen
Market demand
Represents the sum of the individual demands at each price.
Fenster schliessen
Income elasticity
Denotes the percentage change in quantity demanded divided by the oereentage change in income, all else held fixed.
Fenster schliessen
substitutes
Given two goods, an increase in the price of one causes an in-crease in the demand for the other.