Google
Friday 
March 24, 2023 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
NATIONAL LABOR RELATIONS BOARD: A government body overseeing relations between unions and management -- the workers and their employers. It was established by the National Labor Relations Act in 1935, but was modified by the Labor-Management Relations Act in 1947. The National Labor Relations Board is the place to go should either unions or management suspect the other side is engaging in unfair labor practices.

Visit the GLOSS*arama

Most Viewed (Number) Visit the WEB*pedia

Lesson Contents
Unit 1: Demand Theory
  • The Theory
  • Making Decisions
  • Utility
  • On To Demand
  • Unit 1 Summary
  • Unit 2: Total Utility
  • A Measure Of Satisfaction
  • Total Utility Schedule
  • Utility Maximization
  • Unit 2 Summary
  • Unit 3: Marginal Utility
  • Incremental Satisfaction
  • Measuring Marginal Utility
  • Diminishing Marginal Utility
  • Getting Satisfied
  • Diamond-Water Paradox
  • Unit 3 Summary
  • Unit 4: The Curves
  • Total Utility
  • Marginal Utility
  • Both Curves
  • Unit 4 Summary
  • Unit 5: Taking Stock
  • Two Laws
  • Two Considerations
  • Unit 5 Summary
  • Course Home
    Consumer Demand

    This lesson discusses the basics of consumer demand theory, especially the notion of utility. Utility is the fancy-schmancy economic term that means satisfying wants and needs. The purpose of this lesson is to set the stage for a behind-the-scenes look at the demand-side of the market. Because the prices buyers are willing to pay for the goods depend on the utility, an understanding of demand requires an understanding of utility.

    • The first unit of this lesson, Demand Theory, introduces the concept of utility and previews the relation between utility, consumer decision making, and demand.
    • In the second unit, Total Utility, we take a look at the first of two key technical notions of utility are used to examine the relation between utility and demand.
    • The third unit, Marginal Utility, presents and discusses the second of the two technical notions of utility, and the most important notion underlying demand.
    • The fourth unit, The Curves, illustrates the total utility and marginal utility concepts with handy graphs.
    • The fifth unit, Taking Stock, then wraps up this lesson with an extended preview of the relation between utility and demand.

    BEGIN Lesson =>


    <=PREVIOUS Lesson | NEXT Lesson =>

    INFLATION RATE

    The percentage change in the price level from one period to the next. The inflation rate is most commonly presented as an annual average, the percentage change in the average price level from one year to the next. The two most common price indexes used to measure the price level and the inflation rate are the Consumer Price Index (CPI) and the GDP price deflator. The inflation rate is one of several key indicators of business-cycle instability and the overall health of the macroeconomy, with primary focus on tracking the goal of price stability.

    Complete Entry | Visit the WEB*pedia


    APLS

    YELLOW CHIPPEROON
    [What's This?]

    Today, you are likely to spend a great deal of time wandering around the downtown area trying to buy either a pair of red goulashes with shiny buckles or a handcrafted bird feeder. Be on the lookout for a thesaurus filled with typos.
    Your Complete Scope

    This isn't me! What am I?

    Al Capone's business card said he was a used furniture dealer.
    "It's usually the last ounce of effort that tips the scales of success."

    -- Rick Beneteau

    Q-RATIO
    Ratio of Total Market Value of Physical Assets
    A PEDestrian's Guide
    Xtra Credit
    Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

    User Feedback



    | AmosWEB | WEB*pedia | GLOSS*arama | ECON*world | CLASS*portal | QUIZ*tastic | PED Guide | Xtra Credit | eTutor | A*PLS |
    | About Us | Terms of Use | Privacy Statement |

    Thanks for visiting AmosWEB
    Copyright ©2000-2023 AmosWEB*LLC
    Send comments or questions to: WebMaster