Ppt Consumer Choice Powerpoint Presentation Free Download Id 1629568 Presentation transcript. consumer choice stage 5 commerce. consumer choice – commerce and choice students learn about: • decisions affecting the quality of our lives • consumer • financial • business • employment • legal • environmental. lingo list • franchise • selling the rights to use a business name, image or management. Presentation transcript. chapter 5 consumer choice. utility and human nature • utility is a measure of the satisfaction received from possessing or consuming goods and services. utility and human nature • economists assume that: • tastes and preferences are fixed and given, and play a large role in decision making.
Ppt Consumer Choice Powerpoint Presentation Free Download Id 1629568 Presentation transcript. consumer choice from utility to demand. scarcity and constraints • economics is about making choices. • everything has an opportunity cost (scarcity): • you can’t always get what you want. • for consumers, money (income, wealth) is scarce. Consumer choice. 1. there are two approaches to analyzing utility the cardinal and ordinal approaches. the cardinal approach measures utility directly while the ordinal only ranks preferences. 2. the law of diminishing marginal utility states that as consumption of a good increases, the marginal utility of each additional unit decreases. Title: consumer choice 1 consumer choice. demand willingness and ability ; consumer surplus price above what you had to spend ; utility satisfaction gained from purchase ; 2 utility want satisfying power of a good or servicegetting the most for your money 3 consumer producer surplus 4 important vocabulary. utility analysis ; util ; total. Chart and diagram slides for powerpoint beautifully designed chart and diagram s for powerpoint with visually stunning graphics and animation effects. our new crystalgraphics chart and diagram slides for powerpoint is a collection of over 1000 impressively designed data driven chart and editable diagram s guaranteed to impress any audience.
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