IM
Set of flashcards Details
| Flashcards | 16 |
|---|---|
| Language | English |
| Category | Macro-Economics |
| Level | University |
| Created / Updated | 18.12.2016 / 26.12.2016 |
| Weblink |
https://card2brain.ch/box/20161218_micro_chap_5
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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.
Given two goods, an increase the price of one causes a decrease in the demand for the other.
Consumers only need to determine their preference ranking of bundles of commodities.
States that when the price of a good rises, consumers will tend to substitute other goods for the one whose price is rising in order to satisfy their needs less expensively
Denotes the impact of a price change on a good's quantity demanded that results from the effect of the price change on consumers' real income
Goods whose consumption is deemed harmful
Goods whose consumption is deemed healthy
Explains why the price of a diamond is greater than the price of a gallon of water.
The gap between the total utility of a good and its total market value.
