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VALUE IN USE: The satisfaction of wants and needs provided by the direct consumption of goods and services. Acquiring value from the use of goods and services is really the ultimate goal of economic activity. It is the final step in the production, allocation, and consumption activities that undertaken to address the fundamental problem of scarcity. Value in use should be contrasted with the similar phrase, value in exchange.
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Lesson 9: Consumer Demand | Unit 5: Taking Stock
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Page: 21 of 22
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Topic:
Two Considerations
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- The law of diminishing marginal utility sets the stage for understanding the law of demand.
- But it represents only part of the explanation.
- Two other considerations in our behind the scenes look at demand are:
- Constrained Choices
- If marginal utility is not zero, because of constrained utility maximization, then marginal utility is greater than zero and the price buyers are willing to pay is also greater than zero.
- Other Goods
- In the real world, I would not merely decide yes or no about the beach. I would weigh beach frolicking with other options.
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MONOPOLISTIC COMPETITION, CHARACTERISTICS The four key characteristics of monopolistic competition are: (1) large number of small firms, (2) similar but not identical products sold by the firms, (3) relative freedom of entry into and exit out of the industry, and (4) extensive knowledge of prices and technology.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a bookshelf that will fit in your closet or a birthday greeting card for your grandfather. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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NLREG
Nonlinear Statistical Regression
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