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The Consumer

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Leaving Certificate Economics The Consumer Revision Guide
Niamh Browne
Mind Map by Niamh Browne, updated more than 1 year ago
Niamh Browne
Created by Niamh Browne about 8 years ago
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Resource summary

The Consumer
  1. Assumptions
    1. Limited Resources
      1. Act Rationally
        1. Maximum Utility
          1. Law of Diminishing Marginal Returns
          2. Utility = Satisfaction
            1. Economic Good
              1. Price
                1. Transferrable
                  1. Utility
                  2. Law of Diminishing Marginal Returns
                    1. Certain Minimum (Origin) Consumed
                      1. Income Hasn't Changed
                        1. Sufficient Time Hasn't Ellapsed For Circumstances To Change
                          1. Doesn't Apply to Addictive Goods Or Medicine
                          2. Marginal Utility= Extra Satisfaction From Extra Unit Of A Good
                            1. Equi-Marginal Utility Principle
                              1. Equilibrium
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