Micro Chap. 5
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Set of flashcards Details
| Flashcards | 16 |
|---|---|
| Language | English |
| Category | Macro-Economics |
| Level | University |
| Created / Updated | 18.12.2016 / 26.12.2016 |
| Licencing | Not defined |
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Measures the want-satisfying power of a good or a service.
Measures the.increase in total utility when an additional unit of a good is consumed.
the greatest happiness of the greatest number.
states that as the amount of a good consumed increases, the marginal utility of that good tends to diminish.
Describes the market basket of goods that will bring the consume maximum satisfaction.
Represents the sum of the individual demands at each price.
Denotes the percentage change in quantity demanded divided by the oereentage change in income, all else held fixed.
Given two goods, an increase in the price of one causes an in-crease in the demand for the other.
