Define the Following Terms

question 219

Essay

Define the following terms. Give a complete and precise definition in one sentence.
a.
total utility
b.
marginal utility
c.
consumer's surplus
d.
"law" of demand

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Definitions:

Profit-Sharing Plan

A retirement plan where companies share a portion of their profits with employees, which is allocated to individual employee retirement accounts.

Job Classification

The categorization of jobs or positions within an organization based on duties, responsibilities, and pay scales.

Prorated Refund

A refund amount calculated to give back the proportionate value of an unused service or product, adjusted according to the time left or not consumed.

Fitness Club

A facility equipped with exercise equipment and often offering a variety of fitness, aerobic, and workout classes to its members.