The Suffix -Logy Means Knowledge; Practice

question 203

True/False

The suffix -logy means knowledge; practice.

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Definitions:

Utility

Utility is a measure of satisfaction or happiness that consumers derive from consuming goods and services.

Consumption

The use of goods and services by households or individuals, typically considered as the end phase in the economic cycle of production, distribution, and use.

Satisfaction

The fulfilment of one’s wishes, expectations, or needs, or the pleasure derived from this.

Marginal Utility

The additional satisfaction or happiness gained from consuming an additional unit of a good or service.