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For a Fear to Be Defined as a Phobia, the Fear

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For a fear to be defined as a phobia, the fear must be disproportionate to the situation and there must be evidence of

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Definitions:

Opportunity Cost

is the value of the best alternative forgone when a choice is made between competing options, representing the trade-offs associated with every decision.

Revenue Potential

The maximum amount of income that could be generated from a particular market or product, under ideal conditions.

Utility

A measure of satisfaction or happiness that a person derives from consuming goods and services.

Marginal Utility

The additional satisfaction or utility a consumer receives from consuming one more unit of a good or service.

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