Instructions: Identify the Following Term(s)

question 106

Short Answer

Instructions: Identify the following term(s).
natural rights

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Definitions:

Marginal Utility

The extra satisfaction or benefit gained from consuming an additional unit of a product or service.

Total Utility

The total satisfaction or benefit received by consuming a good or service.

Utility Schedule

A table or chart displaying various combinations of goods or services and the utility or satisfaction obtained from each combination.

Diminishing Marginal Utility

The principle that as a person increases consumption of a product, there is a decline in the marginal utility that person derives from consuming each additional unit of that product.