6.4: Key Terms
- Page ID
- 181336
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|---|---|---|---|---|---|
| (Eg. "Genetic, Hereditary, DNA ...") | (Eg. "Relating to genes or heredity") |  |
The infamous double helix | https://bio.libretexts.org/ | CC-BY-SA; Delmar Larsen |
| Word(s) | Definition | Image | Caption | Link | Source |
|---|---|---|---|---|---|
| behavioral economics | a branch of economics that seeks to enrich the understanding of decision-making by integrating the insights of psychology and by investigating how given dollar amounts can mean different things to individuals depending on the situation | ||||
| budget constraint, or budget line | shows the possible combinations of two goods that are affordable given a consumer’s limited income | ||||
| consumer equilibrium | point on the budget line where the consumer gets the most satisfaction; this occurs when the ratio of the prices of goods is equal to the ratio of the marginal utilities. | ||||
| diminishing marginal utility | the common pattern that each marginal unit of a good consumed provides less of an addition to utility than the previous unit | ||||
| fungible | the idea that units of a good, such as dollars, ounces of gold, or barrels of oil are capable of mutual substitution with each other and carry equal value to the individual | ||||
| income effect | a higher price means that, in effect, the buying power of income has been reduced, even though actual income has not changed; always happens simultaneously with a substitution effect | ||||
| marginal utility | the additional utility provided by one additional unit of consumption | ||||
| marginal utility per dollar | the additional satisfaction gained from purchasing a good given the price of the product; MU/Price | ||||
| substitution effect | when a price changes, consumers have an incentive to consume less of the good with a relatively higher price and more of the good with a relatively lower price; always happens simultaneously with an income effect | ||||
| total utility | satisfaction derived from consumer choices |