Examlex
The expansion of crop production for export in Latin America has increasingly marginalized subsistence farmers.
Marginal Utility
is the added satisfaction or benefit a consumer gets from consuming one additional unit of a good or service.
Utility-Maximizing Rule
The principle that to obtain the greatest total utility, a consumer should allocate money income so that the last dollar spent on each good or service yields the same marginal utility (MU). For two goods X and Y, with prices Px and Py, total utility will be maximized by purchasing the amounts of X and Y such that MUx/Px = MUy/Py for the last dollar spent on each good.
Budget Constraint
The limitations on the consumption choices of an individual or family due to limited financial resources.
Product Alpha
A term often used to define the first version or iteration of a product, typically before it is released to the general public for feedback.
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