Economics Chapter 4, Sections 1-2: Value of Goods and Marginal Utility

Economics Chapter 4, Sections 1-2: The Laws of Supply and Demand

Terms to Know:

Section 1: Value of Goods

Demand is the amount of a good that is bought at a certain price under certain conditions, or the relationship between a good's price and the amount of that people are willing to buy.
Supply is the quantity of a good for sale at a certain price under certain conditions or the relationship between a good's price and the amount that producers are willing to provide for consumers.
The value in use is the value that is directly related to the benefits their owners receive through their use.
The value in exchange us what a particular good is worth in exchange for some other good.
The price is the amount of money that a buyer pays the seller for a particular item.

Section 2: Marginal Utility and Value

The diminishing marginal utility is the phenomenon where one's supply of a specific good or service increases, the satisfaction derived from each additional unit tends to decrease.
The marginal utility is the amount of satisfaction that results from a one unit increase of a product, tend to become smaller with each additional unit.
Total utility is the total amount of satisfaction received from possessing a particular amount of good.

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