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Economics explained


Behavioral economics



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If people make choices on the basis of what’s going to bring them the most happiness, they need a way of comparing how much happiness each option brings.


Economists suppose that you can compare all possible things that you may experience with a common measure of happiness or satisfaction, which they call utility.

Two important measures are:

Total utility

The overall satisfaction that is derived from the consumption of all units of a good over a given time period.

Marginal utility

The additional utility is derived from the consumption of one more unit of a particular good.

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