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PART-TIME WORKERS: People who are willing and able to work full-time (over 35 hours per week), but are forced to work less because employers don't need their productive efforts. While part-time workers officially have jobs, and are officially included in the "employed" category when the official unemployment rate is calculated, their labor resources are really only partially unemployed. A person working 20 hours a week, who is willing and able to work 40 hours a week, really should be considered as "half employed."
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Lesson 9: Consumer Demand | Unit 3: Marginal Utility
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Page: 10 of 22
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Topic:
Incremental Satisfaction
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- 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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PINK FADFLY [What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club hoping to buy either a flower arrangement for your aunt or a birthday greeting card for your uncle. Be on the lookout for a thesaurus filled with typos. Your Complete Scope
This isn't me! What am I?
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"What gets measured gets done." -- Peter Drucker, educator
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IAB Inter-American Bank
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