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Economics explained
Category:
Behavioral economics
Utility
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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.
Utility
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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