Econ Terms

The usefulness of a commodity

• use value

• law of diminishing marginal utility

• marginal utility

• opportunity cost

the apparent contradiction between the high value of a nonessential item and the low value of an essential item

• opportunity cost

• Utility

• paradox of value

• marginal utility

whatever must be given up to obtain some item

• law of diminishing marginal utility

• opportunity cost

• Utility

• paradox of value

Ability or capacity of a good or service to be useful and give satisfaction to someone.

• Utility

• marginal utility

• law of diminishing marginal utility

• opportunity cost

satisfaction or usefulness obtained from acquiring one more unit of a product

• marginal utility

• law of diminishing marginal utility

• paradox of value

• use value

the principle that consumers experience diminishing additional satisfaction as they consume more of a good or service during a given period of time

• law of diminishing marginal utility

• opportunity cost

• marginal utility

• use value