Please Define the Following Key Terms

question 41

Essay

Please define the following key terms. Show Who? What? Where? When? Why Important?
-Private enterprise

---

Definitions:

Marginal Utility

The additional satisfaction or benefit gained from consuming one more unit of a good or service.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay, representing their gained benefit.

Market Price

The current price at which a commodity, security, or service can be bought or sold in a particular market.

Willingness to Pay

The maximum amount an individual is prepared to spend for a particular good or service.