Why do individuals value bread less than gold, when bread seems to be more important in supporting an individual’s life than gold? To provide an answer to this question, economists refer to the law of ...

Andrew Bloomenthal has 20+ years of editorial experience as a financial journalist and as a financial services marketing writer. Erika Rasure is globally-recognized as a leading consumer economics ...

The ever-evolving dance between consumer desires and available resources is best understood through the lens of marginal utility. This concept, central to microeconomics, explains how the satisfaction ...

This lecture explores the concept of diminishing marginal utility, which explains how the satisfaction derived from consuming a good decreases with each additional unit consumed. The lesson uses ...