You don't need to have studied economics to be familiar with the law of diminishing marginal utility and the idea of consumer surplus. The first has to do with the benefit consumers get from their ...

It is one of the basic principles taught to students studying economics. Introduced by Lord Alfred Marshall, it forms a crux in the micro-economic level often reflected in routine, day-to-day life.

This article picked by a teacher with suggested questions is part of the Financial Times free schools access programme.

Contrary to understandings that treat ethical considerations and economic thinking as separate if not antagonistic issues, we advocate a holistic view that links business ethics to consequentialist ...

Economic Theory Behind Consumer Surplus The principle of diminishing marginal utility states that as a person consumes more of an item, the satisfaction derived from each extra unit typically ...

Business owners often look for ways to increase their company's production output. Increasing production output can lead to higher sales and potentially higher business profits. However, the theory of ...