Name and Briefly Describe the Three Components of the Self

question 6

Essay

Name and briefly describe the three components of the self that were identified by William James.

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Definitions:

Marginal Rate

Often refers to the incremental increase in cost or benefit associated with a one-unit change in an economic activity.

Substitution

The economic principle where consumers replace more expensive items with less costly alternatives, or when firms swap higher-priced inputs with cheaper resources.

Income Effect

The change in consumption resulting from a change in real income.

Total Utility

The overall satisfaction or benefit a consumer receives from consuming a certain quantity of a good or service.