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DEPENDENT VARIABLE: A variable that is identified within the workings of the model. Also termed an endogenous variable, a dependent variable is in essence the "output" of the model. It should be compared with an exogenous variable this is the "input" of the model.
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Lesson 9: Consumer Demand | Unit 3: Marginal Utility
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Page: 12 of 22
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Topic:
Diminishing Marginal Utility
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- The law of diminishing marginal utility is a principle stating that as more of a good is consumed eventually each additional unit of the good provides less additional utility; that is, marginal utility declines as the quantity consumed increases.
- These declining marginal utility values illustrate the law of diminishing marginal utility.
- The law of diminishing marginal utility is the key principle for understanding market demand and the law of demand.
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INCENTIVE A cost or benefit that motivates a resource allocation decision or other action by consumers, businesses, or other participants in the economy. Incentives can be monetary or nonmonetary. A few of the more important incentives affecting economic decisions are prices, taxes, and government regulations.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store wanting to buy either a birthday gift for your grandfather or a pleather CD case. Be on the lookout for fairy dust that tastes like salt.
Your Complete Scope
This isn't me! What am I?
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don't have that kind of feeling for what it is you're doing, you'll stop at the first giant hurdle. " -- George Lucas
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AMB
Adjusted Monetary Base
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