Search results
Results from the WOW.Com Content Network
As defined by the Austrian School of economics the marginal use of a good or service is the specific use to which an agent would put a given increase, or the specific use of the good or service that would be abandoned in response to a given decrease. [1] The usefulness of the marginal use thus corresponds to the marginal utility of the good or ...
Economists commonly use the term recession to mean either a period of two successive calendar quarters each having negative growth [clarification needed] of real gross domestic product [1] [2] [3] —that is, of the total amount of goods and services produced within a country—or that provided by the National Bureau of Economic Research (NBER): "...a significant decline in economic activity ...
The more general conception of utility is that of use or usefulness, and this conception is at the heart of marginalism; the term "marginal utility" arose from translation of the German "Grenznutzen", [2] [3] which literally means border use, referring directly to the marginal use, and the more general formulations of marginal utility do not ...
A market can be said to have allocative efficiency if the price of a product that the market is supplying is equal to the marginal value consumers place on it, and equals marginal cost. In other words, when every good or service is produced up to the point where one more unit provides a marginal benefit to consumers less than the marginal cost ...
Lindahl approached the financing of public goods through the lens of individual benefits, ensuring that the total marginal utility equated to the marginal cost of their provision, thereby addressing the number of public goods. The necessary and sufficient conditions for such an equilibrium are:
Within economics, margin is a concept used to describe the current level of consumption or production of a good or service. [1] Margin also encompasses various concepts within economics, denoted as marginal concepts, which are used to explain the specific change in the quantity of goods and services produced and consumed.
The U.S. government is the world’s largest purchaser of goods and services, Leavitt noted, meaning that "its purchasing decisions can have a global impact." Read more: California's war on ...
The magnitude of the marginal utility is not the same for all cardinal utility indices representing the same specific preference structure. The sign of the second derivative of a differentiable utility function that is cardinal, is the same for all the numerical representations of a particular preference structure.