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CHAEBOL: A form of business structure common in South Korean which involves an alliance of businesses, each working toward the mutual success of the group. The alliance also has close ties to government. This is comparable to the keiretsu, which is common in Japan. Each "independent" business owns stock in the others and shares executives and directors.

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Lesson 9: Consumer Demand | Unit 3: Marginal Utility Page: 10 of 22

Topic: Incremental Satisfaction <=PAGE BACK | PAGE NEXT=>

  • While total utility is a handy measure, a more useful measure is marginal utility.

  • Marginal utility is the additional utility, or satisfaction of wants and needs, obtained from the consumption or use of an additional unit of a good or service.
  • Marginal utility is, in other words, the extra satisfaction achieved from an extra unit of good.
  • A handy formula:

    marginal utility = change in total utility
    change in quantity


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ALLOCATIVE EFFICIENCY

Obtaining the most consumer satisfaction from available resources. In other words, resources are allocated in such a way that consumer satisfaction is at its highest possible level. This is also termed either efficiency or economic efficiency.

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Today, you are likely to spend a great deal of time at the confiscated property police auction seeking to buy either throw pillows for your bed or a package of blank rewritable CDs. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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