1.1.1 Economics as a social science

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Microeconomics

Last updated 7:01 PM on 1/13/25
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5 Terms

1
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Ceteris Paribus

Being able to see the impact of one variable on another, by assuming that everything else remains constant.

2
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Law of diminishing marginal utility

The added satisfaction a consumer gets by having one more unit of a good or service.

3
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Utility

The measure of the value achieved by consuming something.

4
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A contraction in demand

A movement along the curve showing quantity demanded reducing as price increases.

5
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An extension in demand

A movement along the curve showing quantity demanded increasing as price reduces